Several biochemical models of photosynthesis exist that consider the effects of the dynamic adjustment of enzymatic and stomatal processes on carbon assimilation under fluctuating light. However, the rate of electron transport through the light reactions is commonly modelled by means of an empirical equation, parameterised with data obtained at the steady state. A steady-state approach cannot capture the dynamic nature of the adjustment of the light reactions under fluctuating light. Here we present a dynamic model approach for photosystem II that considers the adjustments in the regulative non-photochemical processes. The model is initially derived to account for changes occurring at the seconds-to-minutes time-scale under field conditions, and is parameterised and tested with chlorophyll fluorescence data. Results derived from this model show good agreement with experimentally obtained photochemical and non-photochemical quantum yields, providing evidence for the effect that the dark reactions exert in the adjustment of the energy flows at the light reactions. Finally, we compare the traditional steady-state approach with our dynamic approach and find that the steady-state approach produces an underestimation of the modelled electron transport rate (ETR) under rapidly fluctuating light (1 s or less), whereas it produces overestimations under slower fluctuations of light (5 s or more).