In the past decades, functional MRI research has investigated task processing in a largely static fashion based on evoked responses during blocked and event-related designs. Despite some progress in naturalistic designs, our understanding of threat processing remains largely limited to those obtained with standard paradigms with limited dynamics. In the present paper, we applied Switching Linear Dynamical Systems to uncover the dynamics of threat processing during a continuous threat-of-shock paradigm. First, we demonstrated that the SLDS model learned the regularities of the experimental paradigm, such that states and state transitions estimated from fMRI time series data from 85 regions of interest reflected threat proximity and threat approach vs. retreat. After establishing that the model captured key properties of threat-related processing, we characterized the dynamics of the states and their transitions. Importantly, we characterized both endogenous and exogenous contributions to dynamics. The results revealed how threat processing can be viewed in terms of dynamic multivariate patterns whose trajectories are a combination of intrinsic and extrinsic factors that jointly determine how the brain temporally evolves during dynamic threat. Furthermore, we developed a measure of