To meet the development needs of modern power system simulation, a digital and dynamic analog hybrid real-time simulation system based on programmable power supply is proposed. A dynamic simulation laboratory is used to build the dynamic simulation subsystem model, and the New England 39-node system is built in RTDS as the digital simulation subsystem. Combined with an interface subsystem using the ideal transformer model as the power interface method, an 800 V/345 kV digital and dynamic analog hybrid real-time simulation system experimental platform is formed. Based on the study of the influence of system delay at both ends of hybrid simulation interface on system stability and accuracy, a second-order phase advance link is proposed to compensate for the interface delay of the transmitting channel and the uploading channel, and a power interface subsystem is proposed to improve system stability and accuracy. Through an experiment of the dynamic analog and hybrid simulation system, and by comparison with pure digital simulation, the effectiveness of the hybrid simulation system is further verified. This work is supported by the National Natural Science Foundation of China (No. 52077120).