High dynamic range imaging technique can reflect the shooting scenario comprehensively and effectively, resulting in high quality imaging in the complex environment. However, the classic high dynamic range image fusion algorithm based on high-precision registration of multiple exposure images cannot deal with the impact of dynamic problems. It fails to realize high dynamic range image fusion when there is a moving target in the exposure images. Therefore, a new high dynamic range fusion algorithm to deal with the dynamic targets is proposed. The derivative optical flow based on color gradient is first utilized to acquire the dynamic target offset of different exposure images, which is caused by the camera shark or the movement of the scenario target. The high dynamic range image fusion weighting function is established by combination of target offset and inverse camera response function, and is applied to the fusion algorithm to tackling the problem of dynamic targets in the high dynamic range images without precise mapping. The experimental results show that without image registration, the proposed algorithm is effective in the fusion of the high dynamic range images with moving targets.