The existing studies on degradation modeling and remaining useful life (RUL) prediction have typically been conducted on the basis of the following two assumptions: one is the single degradation indicator, and the other is the neglect of the influence of dynamic operating conditions. However, they are oversimplified for the real‐world situations. In this paper, a bivariate degradation modeling method based on the Bayesian dynamic model (BDM) and a joint RUL distribution prediction method is proposed. The covariate model is adopted to illustrate the influence of the dynamic operating conditions on the degradation process. A time‐varying copula method is used to describe the joint RUL distributions of the bivariate system. A real case study on the microwave device is conducted to demonstrate the effectiveness and validity of the proposed method.