Aiming at the adjusting mechanism of a certain type corrugating machine, the rigid-flexible coupled dynamic model was established base on an in-house developed solver for multibody dynamic system. Where the tension roll and the corrugating roll were considered as rigid body; The resin belt was modeled by 36-Dof Node 4 shell elements based on The Absolute Nodal Coordinates Formulation (ANCF), and the orthotropic characteristics of the resin belt was also considered; In addition, Hertz contact theory and the presented point-to-face measure method were adopted to describe the frictional impact between main rolls and the resin belt. By using this model, dynamic response such as the eccentric displacement and the surface stress distribution were calculated. The simulation result shows that the presented multibody dynamic model based on ANCF can provide a new analysis method for the research on the dynamic behavior and control of the resin belt in corrugating machine system.