Signature theory plays an important part in the field of reliability. In this paper, the ordered multi-state system signature and its related properties are discussed based on a life-test of independent and non-identical coherent or mixed systems with independent and identical binary-state components. Dynamic properties of these systems are considered through a new notion called dynamic multi-state system signature, and then related comparisons are made based on system lifetimes and costs. Finally, the theoretical results established are illustrated with some specific examples to demonstrate the use of dynamic ordered multi-state system signature in evaluating used multi-state coherent or mixed systems.