A precise dynamic model for towing and removing a defunct satellite with solar panels in orbit using a tethered net often has low computational efficiency owing to the complex contact and collision between the net and panels, which is not conducive to research. To solve this problem, a “single main tether-multiple subtether” bifurcation structure with beads was employed as the tethered net model. This study investigated the dynamics of tethered defunct satellites with solar panels, particularly the behavior of the attitude of the tethered satellite, oscillation of the main tether, and vibration of solar panels under different conditions. The results showed that different attachment configurations of the subtethers and the flexibility of the main tether have an evident impact on the dynamic characteristics of the system.