A dual-band tunable terahertz electromagnetically induced transparency (EIT) metamaterial is introduced. The EIT metamaterial consists of two rectangular split rings, two metal strips, and a patterned vanadium dioxide (VO2) located at the back. The rectangular split rings serve as the bright resonator to generate two resonance valleys at distinct frequencies. The metal strips act as the dark resonator and are indirectly activated via the coupling influence of the bright resonator. The EIT metamaterial’s response mechanism is analyzed via the field effect and the two-particle model, with theoretical fitting results showing strong agreement with the simulation results. Moreover, VO2’s conductivity is altered to dynamically control the EIT effect in both frequency bands. Two transparency windows, with modulation depths of 70% and 75%, are observed as the conductivity of VO2 decreases. Simultaneously, the simulation results reveal a favorable slow light effect, with group delays reaching 51 ps and 74 ps at the transparency windows. The proposed metamaterial holds considerable promise for future modulator, filter, and slow light device applications.