Voltage instability has been studied for some decade now. But, There is not generally accepted definition of voltage instability because of the complex phenomenon and the variety of ways in which it can manifest itself. Both IEEE and CIGRE have the respective definitions. The areas of voltage instability research are the analysis, simulation and countermeasure of voltage instability. It needs to model the components of the power system to simulate the voltage instability and voltage collapse. At the beginning, the static simulation was used. This method provides the voltage stability indices and it requires less CPU resource and gives much insight into the voltage and power problem. However, it is less accurate than the dynamic simulation peformed in the time domain simulation. So, when it appears difficult to secure the voltage stability margin in a static stability, it is necessary to perform the dynamic simulation. To perform time-domain simulation, we have to model the dynamic component of the power system like a generator and a load. The dynamic simulation provides the accurate result of the voltage instability. But, it is not able to provide the sensitivity information or the degree of stability and it is time consuming and it needs much CPU resource. In this Paper, we perform a dynamic simulation of voltage instability and voltage collapse using EMTP MODELS. The exponential load model is designed with MODEIS and this load model is connected with test power system. The result shows the process of voltage change in time domain when the voltage instability or voltage collapse occurs.