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Loading balancing is one of research hotspot of P2P network. There exist many problems such as low load balancing degree and excess assumption conditions etc.in existing load-balancing technology. The paper proposed an improved load-balancing algorithm: ILB_P2P.The algorithm assigns rational load and corresponding ID address space that can be dynamically regulated to every peer in P2P system. In addition,the algorithm introduced flux control mechanism, and automatically selected light load peers with low delay and high bandwidth for load diversion. The experiments demonstrate: compared with traditional Chord protocol, the ILB_P2P algorithm has faster velocity of load balancing, less spending of load-diversion, and more excellent stability of P2P system, furthermore, it still obtains high load-balancing degree in the event that P2P network load is very heavy.