The load simulation test bench plays an important role in tracked vehicle development. The stability and accuracy of the system have a vital impact on the experimental results. To accurately reproduce the power performance of a tracked vehicle on the test platform, this paper aims to investigate the model, control, and calibration method of the test bench. Firstly, the dynamic model of a tracked vehicle under complex driving conditions is analyzed and established, which takes driving torque as the input and driving wheel speed as the output. Then, considering the uncertainties and disturbances in the system model, a 2-degree-of-freedom (2-DOF) control method combined with a disturbance observer is proposed to solve the stability problem of the system. Furthermore, in order to investigate the accuracy of the simulation on the test bed, a method of calibrating the system by a flywheel set with standard inertia is proposed. In the calibration process, the influence of the system resistance torque and the original mechanical inertia on the results is considered, and the response time of the inertia simulation is analyzed in both a steady and dynamic state. Finally, the load simulation test is carried out with the corrected system. The test results show that the system has a high load simulation accuracy under various load simulation tests.