An efficient method based on the variational perturbation theory (VPT) is proposed to conveniently calculate the atomic real- and imaginary-frequency dynamic polarizabilities and the interatomic dispersion coefficients. The developed method holds the great advantage that only the system ground state wave function and corresponding radial mean values are needed. Verification of the VPT method on one- and two-electron atoms indicates that the present approximation shows good agreement with calculations based on the sophisticated sum-over-states method. We apply the VPT method to examine the approximate Z-scaling laws of polarizabilities and dispersion coefficients in the He isoelectronic sequence, and to investigate the plasma screening effect on these quantities for embedded atoms. Our calculation demonstrates very well that the VPT method is capable of producing reasonably accurate static and dynamic polarizabilities as well as two- and three-atom dispersion coefficients for plasma-embedded atoms in a wide range of screening parameters.