A Monte Carlo method based on the simulation of the generalized semi-Markov process method is described and investigated in this paper. The transients of neutron population and precursor population in the fissionable assembly are simulated by this method. The fission power and the delayed neutron source intensity at any time are obtained. The point kinetics equations of fast reactor and thermal reactor are studied by this method. The transients of reactors with step reactivity, ramp reactivity and oscillatory reactivity are simulated, which are systematically compared with the traditional numerical results. There is no stiffness problem for this method, which can conveniently simulate the complex reactivity input process, and fully consider the effect of the reactivity change on the kinetics parameters.