This paper investigates the dynamics of bilateral operator-weighted shifts on L2(K,Z) with a weight sequence of positive diagonal operators on a Hilbert space K. Necessary and sufficient conditions for the bilateral weighted shifts to be hypercyclic (subspace-hypercyclic, frequently hypercyclic, Devaney chaotic, respectively) are provided. As a consequence, it is shown that for any Gδ-set G of positive numbers which is bounded and bounded away from zero, there exists an invertible bilateral operator-weighted shift T such that G={a>0:aT is recurrent}. Furthermore, the (hereditary) Cesàro-hypercyclicity of the bilateral weighted shifts is characterized.