In the multi-load wireless power transfer (WPT) system, the output power and transfer efficiency will drop significantly with the change of distance between transmitter and receiver. Power distribution among multiple loads is also a major challenge. In order to solve these problems, a novel multi-load WPT system based on parity–time symmetry (PT-WPT) is proposed in this paper. Firstly, the multi-load PT-WPT system is modeled based on the circuit model. Then, the transmission characteristics of the multi-load PT-WPT system are analyzed. It is found that constant output power with constant transfer efficiency can be maintained against the variation of coupling coefficient, and the power distribution relationship among loads is only related to the coupling coefficient. Further, power distribution under different coupling situations is analyzed in detail to meet different power demands. Finally, taking a dual-load PT-WPT system as an example, the system parameters are designed and the circuit simulation is carried out. The simulation results are consistent with the theoretical analysis, which shows that PT symmetry can be applied to the multi-load WPT system to achieve constant output power, constant transfer efficiency, and power distribution simultaneously.