This paper proposes a regulation method of DC line voltage for urban transit system fluctuated during the acceleration or deceleration by using supercapacitor. Supercapacitor is modelled electrically under the assumption of three different time constants of RC circuits with variable capacitances depending on the voltage. And its parameters are determined by the experimental measurements. The energy storage system using supercapacitors is installed based on this model, and the proposed model is tested through the simulations and experiments, and the controller for charging and discharging is designed. Finally, it is tested at Kyoungsan test site for the urban light rail road system and the energy saving effect is evaluated economically.