According to the soft-switching pulsed SAW (Submerged arc weld) weld power supply based on the double closed-loop constant current control mode, a small signal mathematic model of main circuit of soft-switching SAW inverter was established by applying the method of three-terminal switching device modeling method, and the mathematic model of double closed-loop phase-shift control system circuit was established by applying the method of state-space averaging method. Dynamic performance of the inverter was analyzed on base of the established mathematic model, and the tested wave of dynamic performance was shown by experimentation. Research and experimentation show that relation between structure of the power source circuit and dynamic performance of the controlling system can be announced by the established mathematic model, which provides development of power supply and optimized design of controlling parameter with theoretical guidance.