Ferrimagnet is a kind of basic and important multi-sublattice magnet material. It has attracted more and more attention of physicists and mathematicians. Many results of solitons and numerical computations on this topic have appeared. In this article, the dynamic equation for an isotropic ferrimagnet with two non-equivalent sublattices is studied, existence of weak solutions in multi dimension case is proved through the penalized method, the uniqueness and smoothness of the solution in one dimension case are also obtained by the relation between this equation and hyperbolic equation.