1 Abstract-In this paper, we propose a method to model and analyze cost-aware fault tolerant strategy for cloud computing. First, Petri nets are used to describe the structure of cloud computing, including component, cloud service and cloud application, thus forming the fault tolerant model of cloud computing. Second, a dynamic fault tolerant strategy is proposed, which can dynamically make fault tolerant strategy with the lowest cost based on the current state and failed component. Third, we present operational semantics and related theories of Petri nets for establishing the correctness of our proposed method. We have also performed a series of simulations to evaluate our proposed approach. Results show that it can help reveal the structural and behavioral characteristics of cloud computing, and reduce the fault tolerant cost.