We present a dynamic microcirculation PIPE model for functional neuroimaging, non-neuroimaging, and coherent hemodynamics spectroscopy. The temporal evolution of the concentration and oxygen saturation of hemoglobin in tissue, comprised of the contributions from the arterioles, capillaries, and venules of microvasculature, is determined by time-resolved hemodynamic and metabolic variations in blood volume, flow velocity, and oxygen consumption with a fluid mechanics treatment. Key parameters regarding microcirculation can be assessed, including the effective blood transit times through the capillaries and the venules, and the rate constant of oxygen release from hemoglobin to tissue. The vascular autoregulation can further be quantified from the relationship between the resolved blood volume and flow velocity variations. The PIPE model shows excellent agreement with the experimental cerebral and cutaneous coherent hemodynamics spectroscopy (CHS) and fMRI-BOLD data. It further identifies the impaired cerebral autoregulation distinctively in hemodialysis patients compared to healthy subjects measured by CHS. This new dynamic microcirculation PIPE model provides a valuable tool for brain and other functional studies with hemodynamic-based techniques. It is instrumental in recovering physiological parameters from analyzing and interpreting the signals measured by hemodynamic-based neuroimaging and non-neuroimaging techniques such as functional near-infrared spectroscopy (fNIRS) and functional magnetic resonance imaging (fMRI) in response to brain activation, physiological challenges, or physical maneuvers.