The invention is applicable to the technical field of power system, and provides a power system vulnerability assessment method and terminal equipment. The method comprises the following steps: determining the average transmission electric distance of the system according to the weight and length of all transmission paths of the power system after the line fault and the total amount of active power transmitted; According to the voltage of the load node after the fault and before the fault, the local voltage variation of the system is determined. According to the reactive power output of the generator node and the reactive power capacity of the generator node after and before the line fault, the local reactive power variation of the system is determined. According to the reliability index of the node after and before the line fault, the reliability index of the system is determined. According to the average transmission electrical distance, local voltage variation, local reactive powervariation and reliability index, the vulnerability can be determined and the weakness of the system can be located, which can solve the problem that the current vulnerability assessment ignores the electrical characteristics of topological links and the actual physical significance, and effectively locate the weakness of the power system.