Deployable solar panels are widely used in spacecraft, and the dynamic characteristics of the deployment process directly affect the accuracy, stability, and reliability of the deployment. The flexibility and hinge clearance of a solar panel are important factors affecting the dynamic characteristics of the deployment system. The finite element method (FEM) was used to deal with the deformations of the solar panel. A dynamic model of the deployment process of a flexible solar panel with multiple clearances was established by combining the Lagrange equation with the FEM. The dynamic characteristics of solar panel deployment with multiple clearances and flexibility coupling were analyzed through a numerical solution, and the chaotic phenomena caused by clearances were identified. The results show that reasonably matching the clearance and flexibility of the system structure could quickly stabilize the collision force, improve the system life, and effectively improve the stability of the solar panel deployment process. Chaotic phenomena could be induced by the deployment velocity in a certain range, and the boundary value of the range changed with different clearance radii. The velocity variation law inducing chaotic phenomena also varied with the radius of clearance. This research provides important guidance for the optimum design and manufacturing of deployable solar panel mechanisms.