Abstract With the “dual-carbon” as the goal of the new power system construction gradually in-depth, transmission lines must have energy-saving capacity for the direction of development. A new type of large-capacity overhead transmission conductor is the carbon fiber reinforced composite core (CFCC) conductor. The conductor has high capacity, low loss, high-temperature resistance, low high-temperature sag, and other characteristics. It is one of the key technologies and equipment applied to the transformation of old overhead transmission lines to enhance its capacity. At the same time, it can also realize the dynamic transmission capacity regulation of the overhead line. The application of the prospect is very promising. The accurate assessment and calculation model for the conductor’s allowable current carrying capacity is the key core technical problem of the overhead transmission line dynamic capacity increase capability. The paper establishes a maximum allowable current capacity calculation model for carbon fiber-reinforced composite core conductors based on Morgan’s formula. The results of the load flow calculation are compared with the actual load flow test results to verify the calculation model, and the maximum error is 3.59%, which proves the reliability of the calculation model. On this basis, the influence of external environmental factors (ambient temperature, sunlight intensity, wind speed, and direction) on the maximum allowable current capacity of the conductor is discussed. The correlation coefficient of the model is analyzed.