Recent multimodal large language models (MLLMs) have shown strong capabilities in perception, reasoning, and generation, and are increasingly used in applications such as social robots and human-computer interaction, where understanding human emotions is essential. However, existing benchmarks mainly formulate emotion understanding as a static recognition problem, leaving it largely unclear whether current MLLMs can understand emotion as a dynamic process that evolves, shifts between states, and unfolds across diverse social contexts. To bridge this gap, we present EmoTrans, a benchmark for evaluating emotion dynamics understanding in multimodal videos. EmoTrans contains 1,000 carefully collected and manually annotated video clips, covering 12 real-world scenarios, and further provides over 3,000 task-specific question-answer (QA) pairs for fine-grained evaluation. The benchmark introduces four tasks, namely Emotion Change Detection (ECD), Emotion State Identification (ESI), Emotion Transition Reasoning (ETR), and Next Emotion Prediction (NEP), forming a progressive evaluation framework from coarse-grained detection to deeper reasoning and prediction. We conduct a comprehensive evaluation of 18 state-of-the-art MLLMs on EmoTrans and obtain two main findings. First, although current MLLMs show relatively stronger performance on coarse-grained emotion change detection, they still struggle with fine-grained emotion dynamics modeling. Second, socially complex settings, especially multi-person scenarios, remain substantially challenging, while reasoning-oriented variants do not consistently yield clear improvements. To facilitate future research, we publicly release the benchmark, evaluation protocol, and code at https://github.com/Emo-gml/EmoTrans.