Bilevel optimization problems are characterized by an interactive hierarchical structure, where the upper level seeks to optimize its strategy while simultaneously considering the response of the lower level. Evolutionary algorithms are commonly used to solve complex bilevel problems in practical scenarios, but they face significant resource consumption challenges due to the nested structure imposed by the implicit lower-level optimality condition. This challenge becomes even more pronounced as problem dimensions increase. Although recent methods have enhanced bilevel convergence through task-level knowledge sharing, further efficiency improvements are still hindered by redundant lower-level iterations that consume excessive resources while generating unpromising solutions. To overcome this challenge, this paper proposes an efficient dynamic resource allocation framework for evolutionary bilevel optimization, named DRC-BLEA. Compared to existing approaches, DRC-BLEA introduces a novel competitive quasi-parallel paradigm, in which multiple lower-level optimization tasks, derived from different upper-level individuals, compete for resources. A continuously updated selection probability is used to prioritize execution opportunities to promising tasks. Additionally, a cooperation mechanism is integrated within the competitive framework to further enhance efficiency and prevent premature convergence. Experimental results compared with chosen state-of-the-art algorithms demonstrate the effectiveness of the proposed method. Specifically, DRC-BLEA achieves competitive accuracy across diverse problem sets and real-world scenarios, while significantly reducing the number of function evaluations and overall running time.