In the working process of the tethered unmanned aerial vehicle (UAV), there is interference from the tethered cable, which can easily lead to the instability of the UAV. To solve the above problems, a method based on the Lyapunov exponent is proposed to analyze the stability of tethered cables for tethered UAVs. The dynamics equation of the UAV platform is established using the Euler–Poincare equation. The tension formula of the tethered cable is derived from the catenary theory and the principle of micro-segment equilibrium. Based on the Lyapunov exponential method, the stability changes of the tethered UAV in the takeoff, hovering, and landing stages are simulated and analyzed in a MATLAB environment. Prototype tests are carried out to prove the correctness of the simulation model and calculation conclusions. The results show that with an increase in the density of the tethered cable, the stability of the tethered UAV tends to decrease. At the same time, stability is affected by the density of the tethered cable more often during takeoff than during landing.