The invention discloses a Kaplan turbine adjusting system dynamic model suitable for electric power system analysis, which comprises a speed governor model, a guide vane control system model, a blade control system model, a water turbine model and a water diversion system model, wherein the guide vane control system model and the blade control system model forms a Kaplan turbine dual adjusting system, the blade control system model takes a combined relationship existing between guide vane opening degrees and blade opening degrees into account, and the combined relationship is obtained by adopting a quintic polynomial curve fitting method; and the water turbine model takes the correction function of blade angles on water turbine efficiency into account on the basis of analyzing non-linear models, the mechanical power output of the water turbine model is affected by the guide vane opening degrees and blade opening degrees together, and the nonlinearity between the guide vane opening degrees and the mechanical power is metered and is described by adopting cubic polynomial fitting. The Kaplan turbine adjusting system dynamic model is exquisite and clear in structure, has distinct and easily-obtained model parameter meanings, is fast and efficient in modeling process, and has high practicability.