Ultrasonic cavitation is a physical dynamic phenomenon of bubbles inflation, compression, and collapse in liquid. A dual-frequency ultrasonic cavitation dynamics model is established in this paper to investigate dynamic evolution of bubble under single and dual frequency ultrasonic modes. The variation of bubble radius, pressure, energy, temperature, and number of water vapor molecules inside the bubble in single and dual frequency ultrasonic modes are analyzed, respectively. The results show the oscillation of cavitation bubbles is more unstable and easier to collapse in dual-frequency ultrasound field than those in single-frequency ultrasound field. With the increase of the ultrasonic frequency, cavitation effect is weakened due to the shortage of oscillation period. Under the same ultrasonic power, the maximums of bubble radius, pressure, and water vapor molecules number inside the bubble in the dual-frequency mode are larger than those in the single-frequency mode. Under the ultrasonic excited by 50 kHz + 70 kHz, the maximum bubble radius and pressure can reach 36.061 μm and 2285.9 MPa, respectively, which are much larger than 18.183 μm, 730.61 MPa at 50 kHz and 14.576 μm, 332.25 MPa at 70 kHz. The calculation results of three different frequency combinations (30 kHz + 50 kHz, 40 kHz + 60 kHz and 50 kHz + 70 kHz) indicate dual-frequency ultrasound can significantly enhance the cavitation effect.