Highly flexible load requirements and cogeneration economy need to challenge the operation of a multipurpose small modular reactor cogeneration plant with once-through steam generators. Therefore, the present study develops a once-through steam generator dynamic model to analyze the multipurpose small modular reactor operation scheme under cogeneration conditions at different power levels. The once-through steam generator dynamic model is derived based on conversation equations using the moving boundary method. It is verified with RELAP5 results and open literature and the maximum relative error is 3.21 %. Three operation schemes are proposed for multipurpose small modular reactor cogeneration operation: Scheme 1 with constant steam pressure and average coolant temperature, Scheme 2 with constant steam temperature and pressure, and Scheme 3 with constant steam temperature and pure sliding steam pressure. Steady-state and dynamic characteristics with three operation schemes are simulated and investigated at three power levels: 100 %, 70 % and 30 %. The steady-state results show that Scheme 1 is more favorable for the primary loop, while Scheme 2 is beneficial to the secondary loop, and Scheme 3 can improve the thermal efficiency at low power level. The transient findings indicate that disturbances from the reactor side have a significant impact on the once-through steam generator and the minimum settling time is 3.3 s. Consequently, steam temperature control of once-through steam generator is achieved by regulating the control rods for Schemes 2 and 3, while steam pressure is suggested to be controlled by the feedwater valve for Scheme 1. For cogeneration conditions at 70 % power level, Scheme 2 can achieve the highest steam flow of turbine, the highest steam flow of steam extraction and the smallest steam specific volume, which are 87.88 kg·s−1, 28.96 kg·s−1, and 0.0503 m3·kg−1, respectively. Scheme 2 is recommended for high power levels under cogeneration operation. In contrast, Scheme 1 is more suitable for the condensing unit operation for low power levels.