The invention discloses a multilevel elicitation method dynamic planning based power system dynamic equivalent method, and relates to the technical field of stability analysis for a power system. According to the method, dynamic characteristics of an original complex system can be tracked by a simplified system under variable working conditions so as to accelerate the safety and stability analysis process for the power system. A homology equivalent method is adopted firstly to perform dynamic equivalence on the original system; then a multilevel elicitation method dynamic planning algorithm dynamic link is introduced into an equivalent system; the link is subjected to off-line training so as to obtain the equivalent system containing the multilevel elicitation method dynamic planning algorithm; according to the equivalent system, tracking for the dynamic characteristics of the original system can be realized under the variable working conditions, so that the equivalent system is relatively high in adaptability; the power system dynamic equivalent method has the advantages that the shortcoming of low adaptability of the existing equivalent method is overcome, the equivalent precision is greatly improved, and the effectiveness for transient stability analysis for the power system is ensured.