The BWRX-300 reactor is a small modular reactor with 300 MW nominal electric power output. As the abbreviation indicates, the reactor is a boiling type reactor using water as the coolant. The main operating principle of the reactor model is the use of natural circulation of the coolant for both steady-state operation and emergency cooling of the reactor. Isolation Condenser Systems (ICS) have been used in early BWRs and were reintroduced in the 1990s to implement passive safety.Modern technologies enable effective simulation of objects of various complexity. In this study, the thermal-hydraulic system code TRACE v.5 is used to simulate BWRX-300 reactor plant operation. The software enables calculation of a system consisting of the reactor pressure vessel and ICS in both steady-state and transient operation.The ICS is an emergency cooling system borrowed from the previous generation of GE Hitachi BWRs, the ESBWRs, and it consists of a vertical tube bundle heat exchanger immersed in a water tank. Although this system design remains unchanged, its purpose is different. The BWRX-300 design completely eliminates safety and relief valves. This is why the ICS must perform both overpressure protection and long term heat dissipation functions.Three reactor plant operation states were simulated: normal operation with nominal parameters; reactor isolation; and the transient process into the cooling down mode by reactor shutdown and ICS activation. The results demonstrate that the ICS is capable to mitigate overpressure transients. Upon ICS startup, its metallic structures absorb heat well in excess of its nominal steady-state rating. Initial thermal inertia of the system is important for overpressure mitigation in transients.