The existing researches of stepless capacity regulation system by depressing the suction valve for reciprocation compressor always adopt hypothesis that the compressor valves are open or close instantaneously, the valve dynamic has not been taken account into thermal cycle computation, the influence of capacity regulation system on suction valves dynamic performance and cylinder thermal cycle operation has not been considered. This paper focuses on theoretical and experimental analysis of the valve dynamic and thermal cycle for reciprocating compressor in the situation of stepless capacity regulation. The valve dynamics equation, gas forces for normal and back flow, and the cylinder pressure varying with suction valve unloader moment during compression thermal cycle are discussed. A new valve dynamic model based on L-K real gas state equation for reciprocating compressor is first deduced to reduce the calculation errors induced by the ideal gas state equation. The variations of valve dynamic and cylinder pressure during part of compression stroke are calculated numerically. The calculation results reveal the non-normal thermal cycle and operation condition of compressor in stepless capacity regulation situation. The numerical simulation results of the valve dynamic and thermal cycle parameters are also verified by the stepless capacity regulation experiments in the type of 3L-10/8 reciprocating compressor. The experimental results agree with the numerical simulation results, which show that the theoretical models proposed are effective and high-precision. The proposed theoretical models build the theoretical foundation to design the real stepless capacity regulation system. The existing researches of stepless capacity regulation system by depressing the suction valve for reciprocation compressor always adoption hypothesis that the compressor valves are open or close instantaneously, the valve dynamic has not been taken taken into thermal cycle computation, the influence of capacity regulation system on suction valves dynamic performance and cylinder thermal cycle operation has not been considered. This paper focuses on theoretical and experimental analysis of the valve dynamic and thermal cycle for reciprocating compressor in the situation of stepless capacity regulation. The valve dynamics equation, gas forces for normal and back flow, and the cylinder pressure varying with suction valve unloader moment during compression thermal cycle are discussed. A new valve dynamic model based on LK real gas state equation for reciprocating compressor is first deduced to reduce the calculation errors induced by the ideal gas state equation. The variations of valve d The calculation results reveal the non-normal thermal cycle and operation condition of compressor in stepless capacity regulation situation. The numerical simulation results of the valve dynamic and thermal cycle parameters are also verified by the stepless capacity regulation experiments in the type of 3L-10/8 reciprocating compressor. The experimental results agree with the numerical simulation results, which show that the theoretical models proposed are effective and high-precision. The proposed theoretical models build the theoretical foundation to design the real stepless capacity regulation system.