In order to facilitate the power control method design of heat pipe nuclear reactor and avoid the high complexity of reactor core modelling, the paper adopts the lumped parameter method to build the thermal state dynamic model of heat pipe reactor. Firstly, the equivalence of the core structure and heat transfer process of the “MegaPower” heat pipe nuclear reactor is carried out to describe a single heat pipe in a hexagonal block. The complex heat transfer process in reactor core is simplified into a two-zone heat transfer model with only fuel and monolith. And the equivalent thermal resistance is used to describe the heat conduction process within gas gap and heat pipe. Then, the reactor core nuclear dynamic model is established using the neutron dynamics equation of point-reactor. Based on the principle of heat balance, the thermal dynamics models of fuel, gas gap, monolith and heat pipe are established respectively, so as to form the state equations of heat generation and heat transfer process in reactor core. Finally, the dynamic characteristics of the reactor with the reactivity disturbance without external control are simulated and analysed. The results show that the heat pipe reactor has a certain self-stability with reactivity disturbance, but the stability time is long, and the power fluctuation is large.