We propose a new theoretical model of dynamic wetting for systems comprising two immiscible liquids, in which one liquid displaces another from the surface of a solid. Such systems are important in many industrial processes and the natural world. The new model is an extension of the molecular-kinetic theory of wetting and offers a way to predict the dynamics of a two-liquid system from the individual wetting dynamics of its parent liquids. We also present the results of large-scale molecular dynamics simulations for one- and two-liquid systems and show them to be in good agreement with the new model. Finally, we show that the new model is consistent with the limited data currently available from experiment.