A modified three-level laser kinetics model for a pulsed high-power optically pumped gas terahertz laser is introduced and used to model the lasing kinetics process of a gas terahertz laser system. We, for the first time to our knowledge, investigated the time evolution dynamics process of the pump intensity, population distribution among the energy levels, pump and THz signal gain coefficient, and the THz laser intensity within the pulsed D2O gas THz laser. High-power THz pulse with peak power of about 7.4 kW and pulse width of 145 ns at wavelength of 385 μm were obtained in the simulation, using an incident pump pulse with peak power of 2.2 MW and pulse width of 110 ns. THz pulse delay of 40 ns and pulse broadening of 35 ns were quantitatively analyzed. In addition, the experimental results for the pulse profile, pulse width, pulse broadening, pulse energy, and peak power are in agreement with the theoretical simulation results.