As a newly invented parallel kinematic machine (PKM), Exechon has attracted intensive attention from both academic and industrial fields due to its conceptual high performance. Nevertheless, the dynamic behaviors of Exechon PKM have not been thoroughly investigated because of its structural and kinematic complexities. To identify the dynamic characteristics of Exechon PKM, an elastodynamic model is proposed with the substructure synthesis technique in this paper. The Exechon PKM is divided into a moving platform subsystem, a fixed base subsystem and three limb subsystems according to its structural features. Differential equations of motion for the limb subsystem are derived through finite element (FE) formulations by modeling the complex limb structure as a spatial beam with corresponding geometric cross sections. Meanwhile, revolute, universal, and spherical joints are simplified into virtual lumped springs associated with equivalent stiffnesses and mass at their geometric centers. Differential equations of motion for the moving platform are derived with Newton's second law after treating the platform as a rigid body due to its comparatively high rigidity. After introducing the deformation compatibility conditions between the platform and the limbs, governing differential equations of motion for Exechon PKM are derived. The solution to characteristic equations leads to natural frequencies and corresponding modal shapes of the PKM at any typical configuration. In order to predict the dynamic behaviors in a quick manner, an algorithm is proposed to numerically compute the distributions of natural frequencies throughout the workspace. Simulation results reveal that the lower natural frequencies are strongly position-dependent and distributed axial-symmetrically due to the structure symmetry of the limbs. At the last stage, a parametric analysis is carried out to identify the effects of structural, dimensional, and stiffness parameters on the system's dynamic characteristics with the purpose of providing useful information for optimal design and performance improvement of the Exechon PKM. The elastodynamic modeling methodology and dynamic analysis procedure can be well extended to other overconstrained PKMs with minor modifications.