In order to study the dynamic characteristics of the 660 MW ultra-supercritical circulating fluidized bed (CFB) boiler when the main fuel trip (MFT) and boiler trip (BT) are triggered, a dynamic simulation model of the 660 MW ultra-supercritical circulating fluidized bed boiler was established on the Apros simulation platform. The model dynamically simulated the MFT and BT processes at 100% BMCR, 75% THA, and 50% THA conditions, respectively. The steady-state simulation results showed a high accuracy compared with the designed parameters. The dynamic simulation results showed that after triggering the MFT and BT, owing to the huge thermal inertia, the bed temperature and steam temperature decreased lowly. For 100% BMCR and 75% THA conditions, the moisture separator always worked in dry state during the MFT and BT processes. For the 50% THA condition, the moisture separator quickly switched from dry to wet operation after the boiler triggers MFT and BT and gradually switched from wet to dry operation after MFT and BT were reset.