A counter balance valve is used as one part of hydraulic motor brake system. The function of this valve is to protect over-run or free falling of inertia load. But occasionally the brake system with counter balance valve makes some undesirable problems such as pressure surges or vibrations. In this study, for the purpose of easy estimation about dynamic chrcteristics of hydraulic system including counter balance valve, precise formulation describing fluid dynamics and valve dynamics under various boundary conditions were made. dynamic caracteristics were analysed by numerical intergration using Runge-Kutta method, because the equations in this circuit with counter balance valve contain various nonlinear terms. So the analyzing method developed in this study enabled very easy estimating the relation between the performance of counter balance valve and various physical parameters related to the valve.