Currently, the problem of manufacturers pricing has become very important, as manufacturers are more likely to develop their own online channel. The paper adopts the Stackelberg game to develop a two-stage dynamic pricing model, which based on the reference-price effect under the environment of dual-channel supply chain (the manufacturers sells their products via both online and traditional retail channels). Meanwhile, the numerical example method is used to analysis the impact of the reference-price effect parameters on both pricing decision and the overall revenue. The research results show that the wholesale price depends on channel cross-price elasticity coefficient and the price in online sale, which will also be affected by reference-price effect indirectly. The memory coefficient and reference price coefficient affect the pricing decision and revenue with the adjustment of the initial reference price.