This paper is concerned with the global dynamics and spreading speeds of a partially degenerate non-local dispersal system with monostable nonlinearity in periodic habitats. We first obtain the existence of the principal eigenvalue for a periodic eigenvalue problem with partially degenerate non-local dispersal. Then we study the coexistence and extinction dynamics. Finally, the existence and characterization of spreading speeds are considered. In particular, we show that the spreading speed is linearly determinate. Overall, we extend the existing results on global dynamics and spreading speeds for the degenerate reaction–diffusion system to the degenerate non-local dispersal case. The extension is non-trivial and meaningful.