With the development of smart grid, and ever-increasing kinds of electrical loads, the power system requires current measurement technology with wider measurement range, this thesis designs a new type of current sensor based on Giant magnetoresistance (GMR) material. Firstly, this thesis introduces principles and characteristic of GMR current sensor. For the shortcomings of low sensitivity and poor linearity of GMR chip, this thesis presents a structure of open-loop current sensor using GMR chip as magnetic probe, which improves the sensitivity of sensor effectively. Based on the open-loop GMR current sensor structure, a closed-loop GMR current sensor design is proposed. This design compensates the magnetic field through the feedback circuit and improves the accuracy and dynamic measurement range of GMR current sensor. Finally, we tested the GMR sensor system we developed, include DC characteristic test and AC characteristic test, it shows the current sensor has the capability of high dynamic current measurement.