Abstract: With the development of 5G and smart grid, power automation equipment puts forward higher requirements for time synchronization accuracy, reliability and deployment efficiency. In this paper, a 1588v2 time synchronization scheme based on OSC of OTN/DWDM Network is proposed to realize time synchronization deployment with high efficiency, high precision and high reliability. This paper introduces the synchronization principle of 1588v2. Through the comparison and selection of OSC and ESC, single fiber bidirectional and dual fiber bidirectional schemes, the advantages of OSC single fiber bidirectional transmission scheme are clarified, and the power grid application scenarios are given. Finally, the accuracy, stability, protection switching and other aspects are verified and analyzed to provide a certain reference for the future deployment of the scheme.