The National Natural Science Foundation of China reformed the project review classification of Atmospheric Sciences to help streamline the layout of discipline funding to promote the construction of a scientific foundation system in a new era. The new code system is categorized as “branch disciplines” “supporting technologies” and “social development services”. Particularly, “Paleoclimate Modeling and Dynamics (D0503)” has been introduced into the new code system for the first time to achieve the coverage of climate research from minute to geological timescales. In this paper, the authors interpret the setting background, discipline characteristics, research directions, and keywords of the D0503 and discuss its future development. Furthermore, the authors analyze application acceptance, review, and funding for the general program, funding for young scientists, and funding for less-developed regions of D0503 from 2020 to 2022. We believe that this can help scientists to better understand the research directions and keywords of D0503 and get a timely grasp of the code’s development trend, as well as aid in the application and review of funding proposals in the field of “Paleoclimate Modeling and Dynamics”.