In recent years, unified multimodal models (UMMs) have emerged to support both understanding and generation within a single framework. Mastering dynamic, multi-turn interleaved image-text dialogues is a crucial task for UMMs in real-world applications. However, existing benchmarks fail to evaluate this important task, as they are often limited to single-turn or static settings, and typically overlook exposure bias in multi-turn interactions. To bridge this gap, we propose IMUG-Bench, a comprehensive benchmark for multi-turn interleaved image-text dialogue of UMMs that jointly evaluates their understanding and generation capabilities. Our IMUG-Bench comprises three classes: Static Spatial, Temporal Causal, and Hybrid, covering 3,113 samples and 12,034 interaction turns. It also includes dynamic understanding questions, thereby supporting evaluation that better reflects real-world multi-turn interaction scenarios. Large-scale experiments on IMUG-Bench systematically evaluate mainstream open-source and closed-source UMMs, revealing their capability boundaries and failure modes, and uncovering pronounced exposure bias on the generation side in multi-turn interactions. We further explore several test-time scaling strategies, including Chain-of-Thought, Self-Verification, and Best-of-N Sampling, which effectively improve generation accuracy and mitigate exposure bias in generation tasks. These findings provide insights into enhancing the robustness and multi-turn interaction capability of future UMMs.