The present disclosure relates to an FPGA-based dynamic graph processing method, comprising: where graph mirrors of a dynamic graph that have successive timestamps define an increment therebetween, a pre-processing module dividing the graph mirror having the latter timestamp into at least one path unit in a manner that incremental computing for any vertex only depends on a preorder vertex of that vertex; an FPGA processing module storing at least two said path units into an on-chip memory directly linked to threads in a manner that every thread unit is able to process the path unit independently; the thread unit determining an increment value between the successive timestamps of the preorder vertex while updating a state value of the preorder vertex, and transferring the increment value to a succeeding vertex adjacent to the preorder vertex in a transfer direction determined by the path unit, so as to update the state value of the succeeding vertex.