Abstract: With the increasing growth of distributed renewable energy sources such as PV,wind power and energy storage,DC load,low-voltage multi-terminal DC system gradually becomes one of the main network forms of distribution system.To explore the key factors which influence the stability of multi-terminal DC system,this article establishes the corresponding equivalent circuit for a low-voltage three-terminal DC system consisting of voltage-source converter,DC lines,renewable energy and DC loads,combined with the control strategy of each converter in master-slave control mode,a state space model of the system as a whole is formed. Secondly,the smallsignal stability study of the low-voltage multi-terminal DC system with renewable energy is carried out by combining the dominant eigenvalues,comparing and analyzing the trajectory of dominant eigenvalues when different parameters are changed,and then determining the key factors affecting the stability of the system,such as the DC-side capacitance of the converter and the outer-loop parameters of the controller. On this basis,a simulation model of low-voltage multi-terminal DC system with renewable energy is built based on Matlab/Simulink to verify the correctness of the theoretical analysis.