The electro-hydrostatic actuator (EHA) has a high energy density and a compact structure so it is widely used in all/more electric aircraft. To gain energy-saving capability, the hydraulic lock can be applied in the EHA system, which can overcome the change of load after the position control is complete, reducing the motor’s need to work continuously. Due to the use of a hydraulic lock in the EHA system, there is a more significant position output delay compared with the EHA system. The delay would lead to a dynamic response error. Therefore, an electro-hydrostatic actuator with a bidirectional hydraulic lock (BHL-EHA) model is established that can reflect the position output delay and it can be used to analyze its influence factors. According to the analysis, the factors affecting the delay are pump speed, external load, hydraulic lock cracking pressure, friction load, pump displacement, fluid volume of the system, and effective bulk modulus; thus, an equation that can be used to calculate the delay is proposed. At the same time, the experimental system of the BHL-EHA system is established, and the parameters of the experimental facility are completely consistent with the simulation model. Finally, a delay compensation control method is proposed, and the control time parameter t0 is calculated based on the equation proposed above. The results of the simulation and the experiment show that the method can compensate for the delay caused by the hydraulic lock. Combined with a feedforward control, the method can dismiss the dynamic response error of 0.6 Hz sinusoidal tracking characteristics.