We studied dynamic magnetic properties and compensation behaviors of a mixed spin (1/2, 1) Ising ferrimagnetic system on a hexagonal lattice within the path probability method that contains more than one rate constants and the average dynamic order parameters were coupled. We found the phases in the system by solving the average dynamic magnetizations. We examined the thermal features of dynamic magnetizations to characterize the nature of the dynamic phase transitions (DPTs) and obtained the DPT temperatures. We constructed the dynamics phase diagrams in six different planes, which contain the dynamic tricritical, critical end, double critical end, zero-temperature critical and multicritical special points as well as the paramagnetic (P), non-magnetic (NM), ferromagnetic (I) fundamental phases and P + I, NM + I mixed or hybrid phases depending on system parameters. We also investigated the dynamic compensation behaviors, and the N-, P-, Q-, R- and the S-types compensation behaviors were found. (C) 2021 Elsevier B.V. All rights reserved.