In order to optimize design and operation, it is necessary to calculate accurately hydraulic characteristics large central air-conditioning systems. Simplified Model can not be applied to hydraulic calculation of large pipe network topological structure for its large calculation error. Taking into account the regulating characteristics of terminal branch temperature regulating valve, a direct-return chilled water system is studied, an accurate mathematical model of pipe network hydraulic characteristics has been established and a computer logic algorithm with virtual flow has been given. A direct-return pipe network with ten AHU branches is used as simulation calculation object, the pipe network supply-return water pressure difference is calculated, and also the temperature regulating valve opening and actual flow of each branch are calculated in the condition of different supply-return water pressure difference. The calculated results accord with the natural characteristics of high pressure difference unbalanced for direct-return pipe network. The calculation method can ensure calculation convergence.