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.