The invention relates to a power system cascading failure analysis model and probability calculation method based on a Markov process. The method comprises the following steps of: differentiating operation characteristics of different components of a power system, and, in combination with state information of the power system, where system components are, analyzing the shutdown probability of the components; considering the correlation between failure events in a cascading failure evolutionary process, describing a cascading failure transfer process through the Markov process, searching a cascading failure event of the system under different initial failure conditions, establishing a cascading failure event model, and generating a power system cascading failure state space in the Markov process; and, analyzing the system transfer probability in a cascading failure state space, and calculating the different-scale cascading failure probability. According to the method disclosed by the invention, while the calculation efficiency is ensured, the cascading failure event of the system under different initial failures is discovered; furthermore, the cascading failure probability is calculated; a corresponding system improvement measure is provided; the cascading failure is prevented; the system risk is reduced; and the power supply capability of the power system is increased.