A mutual inductance circuit model is established to research on the transmission characteristics of MCPT power system in different compensation modes for the fluctuation of load and mutual inductance of the movable nocontact power transmission system. The transmission power expressions in different topology compensation modes are derived by the mutual inductance circuit model and the primary side in series compensation can transfer larger power according to the transmission power curves. Two kinds of compensation ways which the primary side is in series compensation are compared from the aspects of the transmission efficiency and SS compensation way is proved to have a more stable in transmission efficiency. SS compensation way is adopted as the most suitable way for the motive ICPT power system.