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Abstract. The IBR-2M pulse reactor is characterized by a high level of reactivity fluctuations and consequently by a high level of fluctuations in the regulated parameter as well as in the amplitude of the power pulses. Fluctuations of the regulated parameter relative to the average level in the standard stabilization regime usually fall within the range of 20% with certain peaks up to 40%, which is close to the limits of the emergency protection operation (50%). Under these conditions the automatic regulator may receive contradictory requirements. In this paper, the results of stability analysis of the IBR-2M reactor in the automatic regulating regime at various levels of average power are presented. It is shown that stability margins of the amplitude and the phase are enough, especially for the IBR-2M reactor operation with automatic regulator.