We propose a fully automated and dynamic method for generating likely invariants from multithreaded programs and then leveraging these invariants to infer atomic regions and diagnose concurrency errors in the software code. Although existing methods for dynamic invariant generation perform reasonably well on sequential programs, for multithreaded programs, their effectiveness often reduces dramatically in terms of both the number of invariants that they can generate and the likelihood of them being true invariants. We solve this problem by developing a new dynamic invariant generator, which consists of a new LLVM based code instrumentation tool, an INSPECT based thread interleaving explorer, and a customized inference engine inside Daikon. We have evaluated the resulting system on public domain multithreaded C/C++ benchmarks. Our experiments show that the new method is effective in generating high-quality invariants. Furthermore, the state and transition invariants generated by our new method have been proved useful both in error diagnosis and in identifying likely atomic regions in the concurrent software code.