With the rising application of double-nut planetary roller screw mechanism (PRSM) into industry, increasing comprehensive studies are required to identify the interactions among motion, forces and deformations of the mechanism. A dynamic model of the double-nut PRSM with considering elastic deformations is proposed in this article. As preloads, inertial forces and elastic deformations have a great influence on the load distribution among threads, the double-nut PRSM is discretized into a spring–mass system. An adjacency matrix is introduced, which relates the elastic displacements of nodes and the deformations of elements in the spring–mass system. Then, the compressive force acting on the spacer is derived and the equations of load distribution are given. Considering both the equilibrium of forces and the compatibility of deformations, nonlinear equations of motion for the double-nut PRSM are developed. The effectiveness of the proposed model is verified by comparing dynamic characteristics and the load distribution among threads with those from the previously published models. Then, the dynamic analysis of a double-nut PRSM is carried out, when the rotational speed of the screw and the external force acting on the nut #2 are changed periodically. The results show that if the external force is increased, the preload of the nut #1 is decreased and that of the nut #2 is increased. Although the nominal radii of rollers are the same, the maximum contact force acting on the roller #2 is much larger than that of the roller #1.