Safety characteristics have been evaluated for the stationary liquid fuel fast reactor (SLFFR) proposed for effective burning of hazardous TRU elements of used nuclear fuel. In order to model the geometrical configuration and reactivity feedback mechanisms unique to SLFFR, a multi-channel safety analysis code named MUSA was developed. MUSA solves the time-dependent coupled neutronics and thermal-fluidic problems. The thermal-fluidic behavior of the core is described by representing the core with one-dimensional parallel channels. The primary heat transport system is modeled by connecting compressible volumes by liquid segments. A point kinetics model with six delayed neutron groups is used to represent the fission power transients. The reactivity feedback is estimated by combining the temperature and density variations of liquid fuel, structural material and sodium coolant with the corresponding axial distributions of reactivity worth in each individual thermal-fluidic channel. Preliminary verification tests with a conventional solid fuel reactor agreed well with the reference solutions obtained with the SAS4A/SASSYS-1 code. Transient analyses of SLFFR were performed for unprotected transient over-power (UTOP), unprotected loss of heat sink (ULOHS) and unprotected loss of flow (ULOF) accidents. The results showed that the thermal expansion of liquid fuel provides sufficiently large negative feedback reactivity for passive shutdown of UTOP and ULOHS. The ULOF transient is also terminated passively with the negative reactivity introduced by the gas expansion modules installed at the core periphery. The maximum coolant temperatures have sufficient margins to the sodium boiling point for all three unprotected transient scenarios.