Travelers＇　mode　choice　behavior　is　jointly　influenced　by　their　attributes,　such　as　personal　income,　vehicle　ownership,　and　travel　purpose,　and　external　factors,　such　as　the　built　environment　and　traffic　state.　The　mode　chosen　by　a　traveler　before　a　trip　may　change　during　the　trip　due　to　uncertainties　associated　with　transportation　systems.　A　cumulative　prospect　theory-based　dynamic　mode　choice　model　that　describes　the　changes　in　decisions　at　different　travel　stages　is　proposed　to　investigate　the　within-trip　mode-shifting　behavior　during　daily　travel.　The　journey　duration　or　travel　time　of　a　trip　is　divided　into　a　series　of　stages,　which　includes　the　access　or　connection　time　(i.e.,　the　time　required　for　the　traveler　to　reach　the　station　or　vehicle),　waiting　time,　in-vehicle　time,　and　parking　time.　The　generalized　travel　cost　includes　the　expense　cost,　time　cost,　and　penalty　cost.　The　penalty　cost　is　expressed　as　a　negative　exponential　function　with　respect　to　the　punctuality　satisfaction　rating.　A　novel　method　is　proposed　for　calculating　the　mode　choice　possibility　in　terms　of　the　changes　in　travel　cost　during　a　trip,　in　which　the　psychological　weights　at　different　stages　are　reflected　by　the　ratio　of　the　actual　travel　time　to　the　expected　travel　time.　Data　from　a　journey　survey　involving　637　respondents　in　Beijing　were　used　to　test　the　model.　The　results　of　a　random　parameter　logit　model　reveal　the　main　influencing　factors　of　each　travel　mode,　and　show　that　economic　strategies　can　influence　the　mode　choice　of　77.94%　of　travelers.　The　dynamic　mode　choice　model　predicted　the　pre-trip　mode　and　mode　shift　with　accuracies　of　90.05%　and　67.86%,　respectively,　both　of　which　are　higher　than　those　of　the　expected　utility　theory-based　model.　Moreover,　the　results　show　that　mode-shifting　behaviors　during　a　trip　generally　occur　in　public　transit　mode　and/or　active　travel　mode.　The　study　results　demonstrate　the　dynamic　characteristic　and　quantitative　change　in　mode　choice　behavior　in　multi-mode　daily　travel　and　are　beneficial　for　the　study　of　travel　behavior　in　relation　to　the　traffic　environment.