The recycling of retired new energy vehicle power batteries produces economic benefits and promotes the sustainable development of environment and society. However, few attentions have been paid to the design and optimization of sustainable reverse logistics network for the recycling of retired power batteries. To this end, we develop a six-level sustainable dynamic reverse logistics network model from the perspectives of economy, environment, and society. We solve the multi-objective combinatorial optimization model to explore the layout of the sustainable reverse logistics network for retired new energy vehicle power batteries recycling. A case study is implemented to verify the effectiveness of the proposed model. The results show that (a) the facility nodes near the front of the network fluctuate more by opening and closing; (b) the dynamic reverse logistics network is superior to its static counterpart; and (c) cooperation cost changes affect the transaction volume between third-party and cooperative enterprises and total network cost.