It has been pointed out that the collapses of unsaturated road embankments caused by earthquake are attributed to high water content caused by the seepage of the underground water and/or the rainfall infiltration. Hence, it is important to study influences of water content on the dynamic stability and deformation mode of unsaturated road embankments for development of a proper design scheme including an effective reinforcement to prevent severe damage. This study demonstrates dynamic centrifugal model tests with different water contents to investigate the effect of water content on deformation and failure behaviors of unsaturated road embankments. Based on the measurement of displacement, the pore water pressure and the acceleration during dynamic loading, dynamic behavior of the unsaturated road embankments with about optimum water content and the higher water content than the optimum one have been examined. In addition, an image analysis has revealed the displacement field and the distributions of strains in the road embankment, by which deformation mode of the road embankment with higher water content has been clarified. It has been confirmed that in the case of higher water content the settlement of the crown is large mainly owing to the volume compression underneath the crown, while the small confining pressure at the toe and near the slope surface induces large shear deformation with volume expansion.