In this work, we study the dynamical behaviors of the electromagnetic fields and material responses in the hyperbolic metamaterial consisting of periodically arranged metallic and dielectric layers. The thickness of each unit cell is assumed to be much smaller than the wavelength of the electromagnetic waves, so the effective medium concept can be applied. When electromagnetic (EM) fields are present, the responses of the medium in the directions parallel to and perpendicular to the layers are like that of Drude and Lorentz media, respectively. We derive the energy density of the EM fields and the power loss in the effective medium based on Poynting theorem and the dynamical equations of the polarization field. We also show that the Lagrangian density of the system can be constructed. The Euler-Lagrangian equations yield the correct dynamical equations of the electromagnetic fields and the polarization field in the medium. The canonical momentum conjugates to every dynamical field can be derived from the Lagrangian density via differentiation or variation with respect to that field. We apply Legendre transformation to this system, and find that the resultant Hamitonian density is identical to the energy density, up to an irrelevant divergence term.