Based on the refined dynamic equation of stretching plates, the elastic tension–compression wave scattering and dynamic stress concentrations in the thick plate with two cutouts are studied. In view of the problem that the shear stress is automatically satisfied under the free boundary condition, the generalized stress of the first-order vanishing moment of shear stress is considered. The numerical results indicate that, as the cutout is thick, the maximum value of the dynamic stress factor obtained using the refined dynamic theory is 19% higher than that from the solution of plane stress problems of elastic dynamics.