Surge pressure relief valve is widely used in oil transportation. When water hammer occurs in the pipeline, the valve shall be opened in time to release the high pressure so as to ensure the safety of the oil pipeline. This paper discusses the structure and principle of the surge relief valve. Combined with the working process, the stress and working state of the main valve and the pilot valve are analyzed. The mechanical model of the pilot valve is established. This paper focuses on the analysis of the parameters affecting the closing process of the main valve. The relevant laws of the structure and performance parameters of the pilot valve to the main valve closing are obtained. The model of relief valve is modeled and simulated in detail by the AMESim software. The dynamic characteristics of the surge relief valve are analyzed and the correctness of the main parameters and rules that affect the main valve closing is verified by using the model. According to the analysis and simulation results, the friction force of the pilot valve can only affect whether the two valves can close normally. The closing time of the main valve is inversely proportional to the diameter of the inlet pressure orifice. In the normal operating range, the closing time of main valve gradually increases with the diameter of outlet pressure pipes, but does not change with the length of outlet pressure pipes.