Hydropower is a kind of clean energy, which can effectively reduce the consumption of fossil energy and is one of the main fields of new energy development. Pumped storage power station not only provides a solution for storing electric energy and generating excess, but also is a clean, efficient, economical and safe power system regulation method with high quality. Accurate modeling of a pump-turbine, as the core equipment of a pumped storage unit, is the key to safe and stable operation of the pumped storage unit. At present, a method of simplifying the external characteristics of a pump-turbine into a first-order linear model is widely used, which cannot effectively and accurately reveal the nonlinear dynamic characteristics of the unit in transition process. In order to meet the demand of high-precision simulation of the unit, a new method of identifying Taylor series expansion considering nonlinearity based on the torque characteristic formula and the flow characteristic formula is proposed, which is applied to the pump-turbine external characteristic model, and retains the second derivative term, making the model a second-order nonlinear model, and thus, the pump-turbine model becomes a nonlinear model. The nonlinear model established is used to simulate the load increase and load rejection of the unit, and the results are compared with those for the linear model. The comparison shows that the nonlinear model established for the pump-turbine can reveal the dynamic response of the unit more effectively and accurately than the linear model, and provide a further guarantee for the safe and stable operation of pumped-storage units, which is of great significance to hydropower energy development.