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This paper proposes a new methodology of the power system dynamic security assessment. It automatically and successively scans contingencies of a power system; furthermore, based on the concept of stability margin, the severity of the contingencies is ranked. Its complement application is on the base of the combination with a dynamic simulation program. The authors demonstrate how to apply this new method to assess the stability security of the real-world network. In the assessment, two types of contingencies (N-1 and N-2) are applied on transformer, generator, bus or line. Assessment results help researchers and operators to make proper adjustment of system operation to ensure system security. It is shown that the new methodology is a comprehensive and practical approach to assess the power system security.