An active ultrafast formation and modulation of dual-band plasmon-induced transparency (PIT) effect is theoretically and experimentally studied in a novel metaphotonic device operating in the terahertz regime, for the first time, to the best of our knowledge. Specifically, we designed and fabricated a triatomic metamaterial hybridized with silicon islands following a newly proposed modulating mechanism. In this mechanism, a localized surface plasmon resonance is induced by the broken symmetry of a C2 structure, acting as the quasi-dark mode. Excited by exterior laser pumps, the photo-induced carriers in silicon promote the quasi-dark mode, which shields the near-field coupling between the dark mode and bright mode supported by the triatomic metamaterial, leading to the dynamical modulation of terahertz waves from individual-band into dual-band PIT effects, with a decay constant of 493 ps. Moreover, a remarkable slow light effect occurs in the modulating process, accompanied by the dual-transparent windows. The dynamical switching technique of the dual-band PIT effect introduced in this work highlights the potential usefulness of this metaphotonic device in optical information processing and communication, including multi-frequency filtering, tunable sensors, and optical storage.