This paper reports the analysis of dynamic characteristics of air-cooled condenser. At first, there is an assumption that the superheated vapor flows into the condenser inlet. And in order to consider the effect of pressure change in the dynamic characteristics of the condenser the combined system of condenser and compressor was used. By using the equation of energy balance and the equation of mass balance, the basic equation for describing the dynamic characteristics of condenser can be derived. The transfer function for describing dynamic response of the condenser to flow rate change outlet can be obtained from using linearizations and Laplace transformations of the equation. From this transfer function, analytical investigation which affects the frequency responses of condenser has been made. Through this study, it became possible that the information about the dynamic characteristics of air-cooled condenser is offered. While the average heat transfer coefficient of the refrigerant side necessary for the theoretical calculation of the dynamic characteristics is given by calculation method for the tube length and pressure drop of air-cooled condenser.