The 2001, Geiyo earthquake (Mw = 6.7) occurred as a normal fault event within the young subducting Philippine Sea plate. We investigate a dynamic rupture process of the earthquake and estimate the dynamic parameters. Firstly, the space-time distribution of slip of the earthquake, i.e., the kinematic model, was investigated by inverting the near-field strong ground motion data and teleseismic waveform data. Secondly, we reconstruct a dynamic model in constraint with the above kinematic model. The distribution of Dc is also estimated from the inverted slip rate time functions <Mikumo et al., 2003> and found to be less than 70 cm. We found that dynamic parameters are very heterogeneous. There exist two asperities. The peak stress drop on the first asperity is about 20 MPa, and 10 MPa on the second one. Very low or negative stress drop zone is found between two asperities. The strength excess, and fracture energy distribution are also heterogeneous.