This paper investigates the global stability of artificial kidney fluid volume dynamics described by a nonlinear multi-compartment model of extracellular fluid volume exchange during dialysis. Only a few papers in the literature have addressed the stability of similar classes of compartment models. In these papers, the global stability of such models is established using the Lyapunov method; however, their results are not applicable to our model. We developed a new nonlinear Lyapunov function which enables us to prove the stability of a general class of nonlinear multi-compartment models. To examine the oscillatory behavior of the model under external input, we tested our stability results during the short-term of the ultrafiltration process.