Given a directed graphG= (V, E), a feedback vertex set is a vertex subsetCwhose removal makes the graphGacyclic. The feedback vertex set problem is to find the subsetC* whose cardinality is the minimum. As a general model, this problem has a variety of applications. However, the problem is known to be NP-hard, and thus computationally challenging. To solve this difficult problem, this article develops an iterated dynamic thresholding search algorithm, which features a combination of local optimization, dynamic thresholding search, and perturbation. Computational experiments on 101 benchmark graphs from various sources demonstrate the advantage of the algorithm compared with the state-of-the-art algorithms, by reporting record-breaking best solutions for 24 graphs, equally best results for 75 graphs, and worse best results for only two graphs. We also study how the key components of the algorithm affect its performance of the algorithm.