Dynasty features prominent gay characters, Steven Carrington and Sammy Jo, whose complex romantic relationship is a central plotline. Their identities are portrayed with dignity and agency, and their struggles are typical of the show's dramatic genre rather than being rooted in homophobia, contributing to an overall affirming depiction.

The 2017 reboot features Samuel Josiah "Sam" Jones, a male character, who is a gender-swapped version of the original 1980s series' female character, Sammy Jo Dean.

The 2017 reboot of Dynasty features several characters, such as Jeff Colby, Monica Colby, Michael Culhane, and Sammy Jo Carrington, who were portrayed as white in the original 1980s series but are depicted by Black or Latino actors in the new adaptation. This constitutes multiple instances of race swapping.