Motivated by the importance of understanding competing mechanisms to current-induced spin-orbit torque in complex magnets, we develop a unified theory of current-induced spin-orbital coupled dynamics. The theory describes angular momentum transfer between different degrees of freedom in solids, e.g., the electron orbital and spin, the crystal lattice, and the magnetic order parameter. Based on the continuity equations for the spin and orbital angular momenta, we derive equations of motion that relate spin and orbital current fluxes and torques describing the transfer of angular momentum between different degrees of freedom. We then propose a classification scheme for the mechanisms of the current-induced torque in magnetic bilayers. Based on our first-principles implementation, we apply our formalism to two different magnetic bilayers, Fe/W(110) and Ni/W(110), which are chosen such that the orbital and spin Hall effects in W have opposite sign and the resulting spin- and orbital-mediated torques can compete with each other. We find that while the spin torque arising from the spin Hall effect of W is the dominant mechanism of the current-induced torque in Fe/W(110), the dominant mechanism in Ni/W(110) is the orbital torque originating in the orbital Hall effect of W. It leads to negative and positive effective spin Hall angles, respectively, which can be directly identified in experiments. This clearly demonstrates that our formalism is ideal for studying the angular momentum transfer dynamics in spin-orbit coupled systems as it goes beyond the spin current picture by naturally incorporating the spin and orbital degrees of freedom on an equal footing. Our calculations reveal that, in addition to the spin and orbital torque, other contributions such as the interfacial torque and self-induced anomalous torque within the ferromagnet are not negligible in both material systems.