Focusing on the problems in bus priority systems, like hysteresis, being not able to fully exploit road capacity, an Adaptive Bus Priority (ABP) model based on the Internet of Vehicles (IOV) was proposed. First, with powerful communication capability of IOV, using time division multiplexing idea, road multiplexed control rules for ordinary bus was designed, and the "space priority" was achieved by setting a virtual bus lane. Secondly, real-time data acquisition of arrival vehicle was used to replace the historical data to solve the problem of hysteresis. Finally, the bus priority signal control model was designed, and bus priority was realized by inserting short phases to make public transit priority. VISSIM software was used to design simulation experiment to compare the ABP model and the traditional model. Simulation results indicate that the ABP model can improve the operation efficiency of bus and intersection pass capacity without causing great impact to social vehicles.