The current study set out to investigate the effect of dynamic assessment (DA) on the speaking accuracy and fluency of pre-intermediate English as a foreign language (EFL) learners. In contrast to static assessment, DA is conceptualized as an interactive approach towards assessment which combines teaching and testing in a unitary instructional intervention. To address the objectives of the present study, initially Preliminary English Test (PET) was given to 93 learners and 62 learners whose scores fell within ± one standard deviation from the mean were selected. The 62 selected learners were divided into an experimental and a control group. Prior to the administration of the treatment, both groups were given a speaking pretest and their fluency and accuracy scores were calculated. Following that, the dynamic assessment group received treatment for grammar and vocabulary in line with an established framework in the literature in which a stepwise mediation from the most implicit to the most explicit feedback shapes the foundation of DA. As for the control group, the participants received the same content in terms of vocabulary and grammar but there was no step-wise mediation. At the end of the treatment, both groups were given a speaking posttest and the scores were used to address the research questions. Moreover, five of the participants in theexperimental group were interviewed to seek their perceptions towards the effectiveness of dynamic assessment for their speaking accuracy and fluency. The results of ANCOVA indicated that dynamic assessment significantly impacted the speaking accuracy of the participants; however, DA did not significantly improve the participants’ speaking fluency. The results of interviews also revealed that overall the participants had positive perceptions towards the effectiveness of dynamic assessment for improving their speaking accuracy.