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A real time dynamic security assessment and early warning (DSAEW) system for the purpose of keeping interconnected power systems operating in security region, monitoring dynamic security margin constantly and ensuring system operation reliability is proposed in this paper. The framework of the DSAEW system is designed in accordance with client/server and browser/server models based on the TCP/IP protocol. In this paper, the overall system architecture, function design and technology used of such tool including transient stability assessment (TSA), voltage stability assessment (VSA) is presented. Furthermore, the calculation of some operation limits involving the bus voltage limits, the branch/corridor transfer power limits and the P-load limit of the whole system is introduced in this paper as well. On one hand, the DSAEW system can easily and conveniently integrate with existing energy management system (EMS) to implement the real time dynamic security assessment. On the other hand, the DSAEW system can make intensive dynamic analysis related to the specified case study as an off-line simulation platform.