Abstract: The continuation power flow（CPF） is a basic tool for static voltage stability analysis.To overcome the disadvantage of treating power unbalancing in the traditional continuation power flow,an improved continuation power flow based on dynamic power flow equation,called as dynamic continuation power flow（DCPF）,was proposed.Accuracy of voltage stability assessment can be improved by the proposed method through distribution of the power unbalance among generators properly,of which results are not dependent on the selection of slack bus just like normal CPF.Tests on IEEE-39 system and a real-life provincial system show that the results of DCPF are independent with the selection of slack bus,and the computing speed can meet the needs of on-line operation.