An electric power system sometimes fails because of disturbances that occur unexpectedly, such as the uncontrolled loss of load that developed from cascading blackout. Which make stability through a little of under voltage load shedding should work. The development of phasor measurement unit(PMU) makes network supervision possible. The information obtained from PMU is synchronized by global positioning system(GPS). There are many real-time algorithms which are monitoring the voltage stability. This paper presents the study on the VILS(Voltage Instability Load Shedding) using PMU data. This algorithm computes Voltage Stability Margin Index(VSMI) continuously to track the voltage stability margin at local bus level. The VSMI is expressed as active and reactive power. The VSMI is used as an criterion for load shedding. In order to examine the algorithm is effective, applied to KEPCO system.