An automatic transmission is an important element of automotive power systems that allows a driving convenience. Compared to a manual transmission, however, it has a few problems in efficiency, shift feel, and maintenance. To improve these, it is imperative to understand the dynamics of automatic transmissions. This paper develops a dynamically-correct model of an automatic transmission, using the bond graph method. The bond graph method is ideally suited for modeling power systems, because the method is based on generalized power variables. The bond graph method is capable of providing correct dynamic constraints and kinematic constraints, as well as the governing differential equations of motion. The bond graph method is applied to 1-4 in-gear ranges, as well as various upshifts and downshifts of an automatic transmission, which allows an accurate simulation of an automatic transmission. Conventional automatic transmission models have no dynamic constraint, which do not allow correct simulation studies.