Requirements Traceability has a very important role in the entire application development lifecycle. As for the problem of manual creating requirement traceability relationship time-consuming and error-prone effort problem, this paper proposed a new component-based dynamic requirement traceability model. The model incorporates the requirements specification model and component functionality tree model to format requirements documents and component library. Establish requirements traceability relationships through mutual matching between component facet functional items and requirement documents. Validate requirements traceability feasibility and efficiency through multiple systems and component requirements documents, the experimental results provided by the implemented system show that the model is valid, and efficiency and accuracy have been improved to some extent compared with the conventional information retrieval model.