The research on liquidity-adjusted market risk is mainly based on static model at now. In this paper, the method of dynamic measurement of liquidity-adjusted market risk is proposed which is based on time-varying Copula. Time-varying Copula function is used to construct the joint distribution of liquidity risk and market risk, which can give attention to both non-normality of the two risks and their dynamic dependency. The liquidity-adjusted market risk La-VaR of Chinese stock market is calculated. The Kupiec test shows that, the time-varying Copula is better than constant correlation Copula in the aspect of forecasting the value of La-VaR, and the time-varying T-Copula is better than the time-varying Normal-Copula.