It is critical to guarantee the system’s security as quickly as possible by optimizing the shedding load including dynamic components under contingencies. Dynamic voltage stability linearized index sensitivity for dynamic load model is derived based on PMU for the role of the implementation of load shedding factor; the optimization model of load shedding has been established with the objective function of a minimum of load shedding and the constraint of the voltage indicator deviation. The distributed multi-step load shedding algorithm is firstly achieved according to the dynamic order of the index-exceeding node, and the sensitivity of linearized index is corrected at each step, which overcomes the over-shedding or under-shedding problem in traditional methods. Examples of IEEE 14-bus tested system and real grid system demonstrate the feasibility and effectiveness of this method.