Abstract: The power generation system that combines the lead-bismuth cooled reactor with supercritical carbon dioxide cycle can provide a steady and efficient energy supply for underwater vehicles. However, researches to match the underwater vehicle with the supercritical carbon dioxide cycle power generation system of the lead-bismuth reactor are lacking, and the thermodynamic analysis is still imperfect. Therefore, the thermodynamic model and dynamic model of the supercritical carbon dioxide cycle power generation system integrated with the lead-bismuth cooled reactor applied to the underwater vehicle are constructed respectively. And the matching study of the power generation system and four power cycles are carried out. It is found that the temperature matching between the simple recuperation cycle and the lead-bismuth alloy is better. The thermal efficiency reaches 26.81% when the inlet pressures of the compressor and turbine are 7.6MPa and 25MPa, respectively, meeting the design requirements of the system. The influence of the key operating parameters on the system performance is further discussed. The results show that increasing the maximum pressure and temperature of the cycle is beneficial to the improvement of the system efficiency. Based on this, the key heat exchangers are designed. To clarify the dynamic characteristics of the power generation system, the influence of the step change of temperature on the system performance is investigated. It is found that when the temperature of lead-bismuth decreases from 410℃ to 390℃, the cycle efficiency decreases by 1.69% in about 8s. The paper can provide a reference for the design of supercritical carbon dioxide cycle power generation systems integrated with the lead-bismuth reactors applied to underwater vehicles.