This paper studies the dynamic modeling method of fold-able multi-body aircraft based on the dynamics theory of multi-body system. Considering the multi-body aircraft as a complete multi-rigid body system, the dynamic model for the free unfolding process of the multi-body aircraft after horizontal launch is established. On the basis of the multi-body dynamics model, the coil spring moment model and the damping moment model for the flexible connection between the flight units are added. Taking a certain type of fold-able three-section wing aircraft as an example, the numerical simulation calculation is carried out. The influence of the flexible connection stiffness coefficient between the flight unit on the dynamic characteristics of the fold-able multi-body aircraft in the free deployment process and the relationship between the stiffness of the flexible connection and the maximum initial folding angle are studied. Finally, the stability envelope between the stiffness coefficient of the flexible connection and the maximum initial folding angle is determined.