The dynamic simulation of the continuous catalytic reforming process is of great significance to the performance prediction and optimization of the entire process. In this study, a 34-lumped mechanism model described by differential algebra was established based on the actual process conditions of the continuous catalytic reforming process in China, and an efficient dynamic simulation solution method based on simultaneous equations was proposed. First, a 34-lumped differential–algebraic mechanism model was established based on the basic principles of reforming kinetics, thermodynamics, material balance, and energy balance. Secondly, in order to solve and simulate the mechanism model composed of 144 differential equations and several algebraic equations, the method of finite-element collocation is used to discretize the differential equations and convert them into large-scale, nonlinear programming problems, and the interior point algorithm is used to estimate its parameters and verify the model. In addition, in order to avoid the problem of too long derivative solution time and too large memory in the solution process, methods such as sparse derivative and Broyden–Fletcher–Goldfarb–Shanno (BFGS) with limited storage are used to solve the problem. Finally, on the basis of model verification, dynamic simulation and sensitivity analysis of the whole process are carried out by modifying different input parameters. The results show that the mechanism model and solution method presented in this paper can quickly and accurately simulate the continuous catalytic reforming process dynamically.