The invention discloses a harmonic analysis method of a power quality harmonic analyzer, wherein the harmonic analysis method is achieved based on the improvement on the quasi-synchronization DFT. The harmonic analysis method comprises the steps that an electrical signal X on which the harmonic analysis needs to be carried out is sampled in a power grid, and data of W+2 sampling points are sampled at equal intervals; when the harmonic analysis is carried out according to the quasi-synchronization DFT, the position of frequency domain sampling is changed according to the drifting value, seen in the specification, of the signal frequency and then the frequency domain sampling position confirms to the value in the specification; the amplitude, seen in the specification, of all harmonics of the electrical signal X and the initial phase angles, seen in the specification, of the harmonics of the electrical signals X are worked out; the amplitude percentage, seen in the specification, of the amplitude Pk of the higher harmonics of the voltage signal V and the current signal I to the amplitude of the fundamental harmonic P1 is worked out, and the phase angle difference seen in the specification is worked out, and the amplitude percentage and the phase angle difference are output and displayed.