Multimodal graphs, where nodes contain heterogeneous features such as images and text, are increasingly common in real-world applications. Effectively learning on such graphs requires both adaptive intra-modal message passing and efficient inter-modal aggregation. However, most existing approaches to multimodal graph learning are typically extended from conventional graph neural networks and rely on static structures or dense attention, which limit flexibility and expressive node embedding learning. In this paper, we propose a novel multimodal graph representation learning framework with Dynamic information Pathways (DiP). By introducing modality-specific pseudo nodes, DiP enables dynamic message routing within each modality via proximity-guided pseudo-node interactions and captures inter-modality dependence through efficient information pathways in a shared state space. This design achieves adaptive, expressive, and sparse message propagation across modalities with linear complexity. We conduct the link prediction and node classification tasks to evaluate performance and carry out full experimental analyses. Extensive experiments across multiple benchmarks demonstrate that DiP consistently outperforms baselines.