This paper presents a fault location method based on the equivalent line parameter model under dynamic conditions.The distribution regularities of line parameter estimations are analyzed.The line parameter values are corrected in the reference value by combining the online estimation of line parameters with real-time parameter correction.The method is able to correct the effects of surroundings and system dynamic conditions on the line parameters in real-time，thereby significantly improves the fault location accuracy.PSCAD/EMTDC software is used to simulate various conditions in order to verify the proposed method and to give comparative analysis for several existing methods in the literature.Simulation results show that:comparing with a variety of algorithms in existing literatures under dynamic conditions，this method has a higher fault location accuracy and the location results are stable and reliable;in addition，it is not sensitive to transition resistance，fault type and fault location，etc.