Abstract: DHR-200 Pool Type Low Temperature Heating Reactor (DHR-200) was designed with natural circulation flap valve. In order to examine the safety of the DHR-200, the RELAP5 code was used to analyze the transient thermal-hydraulic characteristics and the natural circulation capacity under the station blackout anticipated transient without scram (SBO-ATWS). The results show that DHR-200 has enough negative temperature reactivity feedback effect. With the rising of the temperatures of the fuel and the coolant, finally the reactor can be shut down by the effect of the negative temperature reactivity feedback effect. After the accident, the natural circulation flap valve will be opened by passive means to establish a stable natural circulation, and then the residual heat of the core can be removed to pool of the reactor. Therefore, it is demonstrated that the DHR-200 has good inherent safety features.