In this paper, a new method for analyzing low-frequency oscillation between analytic areas based on energy coefficient is proposed. The concept of energy coefficient is proposed by constructing the energy function, and the low-frequency oscillation is analyzed according to the energy coefficient under the current operating conditions; meanwhile, the concept of model energy is proposed to analyze the energy exchange behavior between two generators. Not only does this method provide an explanation of low-frequency oscillation from the energy point of view, but also it helps further reveal the dynamic behavior of complex power systems. The case analysis of four-machine two-area and the power system of Jilin Power Grid proves the correctness and effectiveness of the proposed method in low-frequency oscillation analysis of power system.