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. These problems may hurt system safety and driver's conformability. Nevertheless, studies on dynamic characteristics of hydraulic system including counter balance valve are very rare, so further accumulation of research results are required. In this study, for the purpose of easy estimation about dynamic characteristics of hydraulic system including counter balance valve, precise formulation describing fluid dynamics and valve dynamics under various boundary conditions were made. The equations obtained in the preceding process include some parameters that must be got experimentally. Flow coefficients of valve and choke are the most significant ones among the parameters. So these parameters are obtained experimentally in this study, and experimental equations obtained from the experimental data were used for numerical calculation. The equations were analysed by numerical integration using Runge-Kutta method, because the equations contain various nonlinear terms. From the numerical analysis, it was verified that the dynamic response of counter balance valve and pressure variation at each elements can be estimated very easily. So the analysing method developed in this study enabled very easy estimating the relation between the performances of counter balance valve and various physical parameters related to the valve. Conclusively, it is said that the results obtained in this study can be used very usefully to develop a new type counter balance valve or to apply the valve to actual hydraulic system for various industrial equipments.