In this paper, a dynamic model of the Canadian supercritical water-cooled reactor (SCWR) is developed to examine its dynamics for potential control system design and analysis. The model development is based on fundamental mass, energy, and momentum conservation equations of major components within the Canadian SCWR operating at supercritical condition. A full set of nonlinear dynamic equations is first derived, from which linearized models are obtained. The linearized models are validated against the full-order nonlinear models in both time domain and frequency domain. The open-loop dynamic characteristics of the Canadian SCWR are investigated through extensive simulations. Steady-state and dynamic couplings among different inputs and outputs are examined using relative gain array and Nyquist plots, and adequate input-output pairings are identified. Cross-coupling at different operating conditions is also evaluated to illustrate the nonlinear behaviors of the system. The developed dynamic model provides a necessary platform for systematic investigation in the control system design and analysis of the Canadian SCWR.