A method for node importance evaluation and network vulnerability analysis based on node’s cascading failure model was proposed. The mechanism of fault transmitting and evolution was the reason for vulnerability of basic complex networks. A model that can get real-time state of nodes’ loads and reallocating loads was raised based on node’s cascading invalidation model. A node importance evaluation and network vulnerability analysis method based on nodes’ state evolution were put forward, by which the robustness parameters of networks were found out, and the failure effect analysis was conducted. Its effectiveness was verified through simulation experimental results.