The electro-hydraulic servo pump control system (EHSPCS) is a volume control system that uses a permanent magnet synchronous motor (PMSM) with a fixed displacement pump to directly drive and control the hydraulic cylinder. The energy transmission law of the system is very complicated due to the transformation of electrical, mechanical and hydraulic energy as well as other energy fields, and qualitative analysis of the energy transfer efficiency is difficult. Energy transfer analysis of the EHSPCS under different working conditions and loads is proposed in this paper. First, the energy flow transfer mechanism was analyzed, and the mathematical and energy transfer models of the key components of the system were established to explore the energy characteristic state transition rule. Second, a power bond diagram model was built, its state equation and state matrix were deduced, and a system simulation model was built. Finally, combined with the EHSPCS experimental platform, simulation experiments were carried out on the dynamic position following and steady-state position holding conditions of the system, and the variation rules of the power of each energy characteristic state and the system energy transfer efficiency under different loads were obtained. The research results provide a foundation for the study of power matching and energy-saving mechanism of the EHSPCS.