A physics-based compact model for the metal-ferroelectric-insulator-metal (MFIM) tunneling junctions is developed, covering their essential dynamic features. The dual-insulator introduces a complex shape of tunneling barriers, which also shows a historical dependence on ferroelectric polarization. Voltage control of the ferroelectric tunnel junction (FTJ) is formulated using the dynamic nucleation-limited switching theory. Key operational voltages are analyzed, especially for those with zero internal fields. The tunneling transport is analytically formulated, covering the dual insulator barriers and the above special bias points based on the WKB approximations. Key features of the developed model include quasi-static and dynamic state transitions, historical dependence, and time-modulated multiple states. The model is verified through calibrated TCAD simulations and facilitates possible applications of MFIM FTJ in memory and computing.