To study the safety characteristics of an ultra-small (5.2 MWt) lithium-cooled space reactor power system (ULCR) under postulated accidents, a transient analysis code for the ultra-small space reactor coupled with a closed Brayton cycle dynamic conversion and heat pipe radiator was established. A preliminary analysis of four typical postulated accidents occurring at 100 percent power in-orbit operation of the ULCR system was conducted to define postulated problem areas and establish safety requirements. The postulated accidents mainly include (1) reactivity insertions, (2) coolant partial flow loss, (3) turbomachinery failure, and (4) radiator partial failure. The results showed that: a) since the ULCR system was designed to operate at high-temperature conditions (coolant temperature greater than 1500 K), the safety margin of the ULCR system was small. Emergency shutdown control or reduced power operation action should be taken proactively to ensure ULCR's safety in different accidents. b) When the control rod was misoperated and large reactivity was inserted, the maximum temperature of the lithium coolant was very close to the saturation temperature (the difference was 24 K), and the system was operated at extremely high temperatures (the average temperature of the core coolant was 1750 K); c) In coolant flow loss accident, when the coolant flow of the system dropped below 40% of the rated mass flow, the lithium coolant boiling would occur in the primary loop system, and the emergency shutdown control action was required to ensure the safety of the system.