In order to avoid the damage of billboards in the subway tunnel, the dynamic characteristic of them subjected to the wind load, the train-induced vibration load and both of them (multi-load) were analyzed. First, computational fluid dynamics (CFD) was used to simulate unsteady airflow when a train runs in tunnel. Second, the train-induced vibration load is obtained by the fitting formula. Finally, a finite element model of Shenyang Metro was built and the response of the billboard under different loads were obtained. The result shows that the structural response of the billboard under multi-load is severer than each single load. For the wind load, it has a greater influence on the equivalent stress of the billboard, while for the vibration load, it has a greater influence on the acceleration of the billboard. The response under multiple loads includes the characteristics of two loads acting separately. This study reveals the dynamic characteristic of billboards under different loads, which will help to improve the stability and safety life of them.