The accelerometer’s dynamic model plays an important role in describing and analyzing its dynamic characteristics. For the influence of unknown delay time on the accuracy of accelerometer’s dynamic model parameters identification using the calibration upon shock excitation, a dynamic model parameter identification method of accelerometer using delay time correction (DTC) and least square (LS) is presented. In this method, the delay time is firstly introduced into the dynamic model of accelerometer, and the frequency response function is estimated by using Fourier transform of the accelerometer’s shock excitation and response data. Then, the LS method and minimizing the error criterion function of phase are utilized to correct the delay time through continuous iteration. Finally, the dynamic model parameters of accelerometer are estimated, based on the delay time corrected data which consists of shock excitation and response of accelerometer. The experimental results of simulation and the calibration upon the shock excitation show that the presented method can reduce the influence of the delay time effectively on the accuracy of accelerometer’s dynamic parameters identification, and the dynamic model parameters of accelerometer can be obtained with higher accuracy.