The question of “what is the structure of water?” has been regarded as one of the major scientific conundrums in condensed-matter physics due to the complex phase behavior and condensed structure of supercooled water. Great effort has been made so far using both theoretical analysis based on various mathematical models and computer simulations such as molecular dynamics (MD) and first-principle. However, these theoretical and simulation studies often do not have strong evidences of condensed-matter physics to support. In this study, a cooperative domain model is formulated to describe the dynamic phase transition of supercooled water between supercooled water and amorphous ice, both of which are composed of low- and high-density liquid water. Free volume theory is initially employed to identify the working principle of dynamic phase transition and its connection to glass transition in the supercooled water. Then a cooperative two-state model is developed to characterize the dynamic anomalies of supercooled water, including density, viscosity and self-diffusion coefficient. Finally, the proposed model is verified using the experimental results reported in literature.