Dataset distillation, also known as dataset condensation, aims to compress a large dataset into a compact synthetic one. Existing methods perform dataset condensation by assuming a fixed storage or transmission budget. When the budget changes, however, they have to repeat the synthesizing process with access to original datasets, which is highly cumbersome if not infeasible at all. In this paper, we explore the problem of slimmable dataset condensation, to extract a smaller synthetic dataset given only previous condensation results. We first study the limitations of existing dataset condensation algorithms on such a successive compression setting and identify two key factors: (1) the inconsistency of neural networks over different compression times and (2) the underdetermined solution space for synthetic data. Accordingly, we propose a novel training objective for slimmable dataset condensation to explicitly account for both factors. Moreover, synthetic datasets in our method adopt an significance-aware parameterization. Theoretical derivation indicates that an upper-bounded error can be achieved by discarding the minor components without training. Alternatively, if training is allowed, this strategy can serve as a strong initialization that enables a fast convergence. Extensive comparisons and ablations demonstrate the superiority of the proposed solution over existing methods on multiple benchmarks.