Service parts logistics is a complex and stable system. From the view of system dynamics, service parts logistics system was analyzed, a system dynamics model containing a central warehouse and two local spare parts warehouses was established, considering lateral transshipment and vertical transshipment emergency, and then the reasonableness was examined. Three conclusions were obtained through simulation analysis. Firstly, volatility of service parts inventory increases before or after the produce idling period, and the period is a sensitive period for spare parts inventory management. Secondly, the shorter product life cycle, the longer product life, which leads to inventory management more difficult, and the more obvious service parts inventory fluctuates. Last, the more average every local warehouse service, the stronger the collaboration capability of every warehouse and the fewer inventory of service parts warehouse.