With the development of power grid construction, there are more elements and more complex grid structures in the power system, which is a challenge to its safe operation and control. The link between bulk grids can make power supply reliability be guaranteed, but at the same time the local fault can be quickly spread to the regional and even national networks to trigger a cascading failure. This paper studies the effect of parallel FACTS element with energy storage to cascading failures when fault occurs, and node injection current method is adopted to establish its transient user-defined model by using power system analysis software package. Simulation results show that parallel FACTS element with energy storage can reduce the number of control measures like generator-shedding or load-shedding to a certain extent, and inhibit the progress of cascading failures.