Abstract A new way to study the harvested predator–prey system is presented by analyzing the dynamics of two-prey and one-predator model, in which two teams of prey are interacting with one team of predators and the harvesting functions for two prey species takes different forms. Firstly, we make a brief analysis of the dynamics of the two subsystems which include one predator and one prey, respectively. The positivity and boundedness of the solutions are verified. The existence and stability of seven equilibrium points of the three-species model are further studied. Specifically, the global stability analysis of the coexistence equilibrium point is investigated. The problem of maximum sustainable yield and dynamic optimal yield in finite time is studied. Numerical simulations are performed using MATLAB from four aspects: the role of the carrying capacity of prey, the simulation about the model equations around three biologically significant steady states, simulation for the yield problem of model system, and the comparison between the two forms of harvesting functions. We obtain that the new form of harvesting function is more realistic than the traditional form in the given model, which may be a better reflection of the role of human-made disturbance in the development of the biological system.