The embodiments of the invention relates to the communication field, and discloses a dynamic password generation method and apparatus, and a dynamic password token. The dynamic password generation method is applied to a dynamic password token, and includes the steps: acquiring a business institution identifier selected by a user and a first password input by the user; according to the business institution identifier and the input first password, determining the hash codes, wherein N corresponding relations are stored in the dynamic password token, and each corresponding relation includes the business institution identifier, the first password and the Hash codes, and N is an integer greater than 1; according to the determined Hash codes and a root key seed, generating a working key seed; and according to the working key seed, generating a dynamic password. The dynamic password token enables the dynamic password token to process business for a plurality of institution, and can provide service for different users at the same time, thus improving the usage efficiency of the dynamic password token, and being conductive to popularization of the dynamic password token.