This paper proposes an analysis model of frame aggregation in error-free channel with unsaturated traffic and fixed aggregation size. Integrated with model of channel access, calculation of MAC (Media Access Control) average service time and queue model of frame aggregation, our model can get the stable result with a recursive algorithm, and it further derive the throughput and latency of frame aggregation in steady state. As the impact of traffic, frame length, collision probability, buffer size, aggregation size and interactive effects are taken into consideration, the effect of every parameter could be evaluated and the major factor which degrades the performance of frame aggregation can be determined in different situation with this model. By the simulation and numerical analysis, this model confirmed its accuracy. The proposed model can be used in the design, optimization and deployment of WLAN (Wireless Local Area Network) and WMN (Wireless Mesh Network) widely.