Abstract: This paper analyzed the causes of the reactive circulating current of the electromagnetic loop network, and the economy and stability of the operation of the electromagnetic loop network.It was considered that the electromagnetic loop network was a complex nonlinear system, which would cause a greater range of power failure and equipment damage when the N-1 fault occured while the transmission capacity of the power grid was insufficient, which could even cause the collapse of the power grid.With the accident case of a 500 kV/220 kV electromagnetic loop network in west Inner Mongolia, analyzed the risk of electromagnetic loop network operation, and gave the corresponding measures for the operation.