Ultrasonic vibration honing is an effective method for precision machining of cylinder liner,while the flutter caused by inner factors of the system would seriously affect the surface quality of combustion engine. Ultrasonic honing mechanism and dynamic honing deep are considered to establish a dynamic model of ultrasonic honing flutter system and the relationship between the limit honing width and honing speed is deduced based on the theory of regenerative flutter. Simulation is carried out to obtain the effect of different parameters including stiffness coefficient,damping ratio,spindle speed and reciprocation motion speed on the stability limit curve of the flutter system. It can be concluded that the ultrasonic honing system is prone to emerge flutter with less than 400 r/min of spindle speed and the limit honing width of flutter happening is 27 μm. Higher stiffness and damping ratio can make system stabler.