The effective-field theory with correlations based on Glauber-type stochastic dynamic is used to study the dynamic compensation behavior of the mixed spin-1 and spin-3/2 ferrimagnetic Ising model. The system is a layered honeycomb structure in which two kinds of spins (spin-1 and spin-3/2) occupy sites alternately. This is related to the experimental works of a molecular-based magnetic multilayer film, AMIIFeII(C2O4)3(A=N(n−CnH2n+1)4,MII=Mn,Fe). The system is in the presence of a sinusoidal oscillating magnetic field and the Glauber dynamic is used to describe the time evolution of the system. The effects of the interlayer coupling and a crystal-field constant of the spin-1 sublattice on the compensation temperature are investigated. Dynamic phase diagrams, including the compensation points are presented. Besides second-order phase transition, lines of first-order phase transition, the dynamic tricritical point, the dynamic zero-temperature critical point and the multicritical point are found. The dynamic tricritical point, the dynamic compensation point and the non-magnetic phase predicted by the mean-field theory are confirmed by the effective-field theory.