The invention provides a wake-effect-considering wind power plant grid-connection stability analysis method. The method includes the following steps: establishing a wind power plant equivalent model; constructing an original admittance matrix of the wind power plant and carrying out conversion on the original admittance matrix; generating a state matrix which tests a power grid system; and carrying out stability analysis. The method is capable of effectively considering practical problems during operation of the wind power plant so that the accuracy of a method for stability analysis of small disturbances of large-scale wind power plant grid connection on an electric power system is improved; and moreover, the method well deals with changes of power grid characteristics by the wind power plant which considers the wake effect and provides an effective way for accurate analysis of effects of wind power fluctuation on power grid safety and stability to power grid operating personnel.