The invention discloses a modeling method of an extra-high voltage bus magnetically controlled electric reactor applicable to PSASP, and belongs to the technical field of modeling and simulating of an electric power system. The modeling method takes PSASP software as a platform, and comprises the following steps: creating an extra-high voltage bus magnetically controlled electric reactor model by utilizing a user-defined (UD) module and a user program interface (UPI), and applying the model to actual power grid simulation data. The model created according to the modeling method can be used for simulating the operation logic of an actual extra-high voltage bus magnetically controlled electric reactor, thereby meeting the requirements of power grid simulation calculation of power grid production and operation departments.