Nonlinear dynamic behaviors such as the bifurcation and chaos of DC‐DC converters with switching constant power load are studied in this paper. Based on the consideration of constant power load switching, a discrete iterative mapping model of the system including the switching process is established, and its Lyapunov exponent spectrum algorithm is derived. The main procedure of the algorithm is as follows: Firstly, the system is divided into six smooth segments, and the zero‐time discontinuous mapping of the load and mode switching is introduced. Secondly, the local mapping of each smooth segment and the zero‐time discontinuous mapping of the switching phase are used to construct the composite Poincaré mapping of the system by the chain rule, and then the discrete iterative mapping model of the system is established. Finally, the Lyapunov exponent spectrum algorithm of the system is derived based on the model to determine the type of nonlinear dynamic behavior of the system. This algorithm overcomes the problems of the existing methods, which lead to inaccurate results due to the neglect of the switching process, and achieves the purpose of accurately describing the dynamic characteristics of power electronic circuits. The simulation and experimental results have verified the validity of the proposed model and algorithm. © 2020 Institute of Electrical Engineers of Japan. Published by John Wiley & Sons, Inc.