Abstract: Power regulation system of China Experiment Fast Reactor （CEFR） consists of ionization chamber, regulation amplifier, dead zone and limiter, power amplifier and stepping motor, reducer, and regulation rod. In this paper, the mathematical models of the parts of the system are introduced, and the dynamic analysis of system is carried out. The analysis results show that the application of proportional rule to system is feasible. When K_N is less than 5000, the system is stable. When step reactivity disturbance is input to the system, the maximum overshoot of the system increases with the disturbance amplitude, and is independent of K_N. Time delay is disadvantageous to the system, but just has a little effect on it. K_N can be within the range of 300 to 600. When K_N is 300, and ñ is 8×10^-5/s, the maximum overshoot of system is less than 3%P_D, and setting time less than 7s. When ñ is 4×10^-4 step disturbance, the maximum overshoot of system is less than 8%P_D, and setting time is less than 5s. If K_N is less than 5000, and without limiter, the dynamic characteristic of system is better.