In the process of high flow rate fracture and high gas production, the sealing performance of the premium connection decreases due to the dynamic load and vibration of downhole tubing strings, which may cause accidents. Existing static analysis methods cannot effectively explain this phenomenon. The main objective of this paper is to propose a novel analytical method for evaluating the sealing performance of a premium connection. In this paper, a dynamic model of sealing surfaces of the premium connection is established based on the vibration equation of elastic rod, and the hysteresis characteristics and energy dissipation mechanism of sealing surfaces are analyzed. Considering the influence of spherical radius, internal pressure, axial cyclic load amplitude, and modal vibration, a spherical-conical premium connection finite element model is established to analyze the influence laws of the connection’s energy dissipation and sealing performance. The results show that the sealing performance of the premium connection under dynamic load can be effectively analyzed by using energy dissipation theory compared with traditional static contact analysis. Compared with the vibration of the tubing string, the dynamic loads caused by the change of fluid pressure and flow rate in the tubing string have a significant influence on the connection’s sealing performance. When the internal pressure and axial cyclic loads are 80 MPa, 400 kN, or 60 MPa and 500 kN respectively, serious plastic deformation occurs in the thread and sealing surfaces, and the energy dissipation of the sealing surfaces increases significantly, which could lead to sealing failure.