In this paper, transient voltage response of Polmer Electrolyte Membrane Fuel Cell (PEMFC) stack is analyzed and voltage dynamic characteristic is modeled for optimal design of power conditioning system (PCS). According that the load is changed, the corresponding operating voltage of fuel cell stack is also varied with a certain deep and rising time due to the chemical and mechanical responses. This transient behavior can affect on the operation with respect of PI gain in controller, duty ratio, capacitor of capacitor and so on. So in this paper the detailed theoretical analysis of transient voltage dynamics is explained and the methodology of dynamic modeling is introduced. In addition, the validity and feasibility of the proposed dynamic model is verified by experimental results under various load conditions.