As an area of interest in energy efficiency in power systems, low voltage DC (LVDC) distribution system has elicited attention as a potential solution. This system is closely associated with the increase of distributed generations, as well as digital loads. Until now, however, the related standards and research remain insufficient to commercialize the LVDC distribution system. In particular, the establishment of the protection schemes for LVDC distribution systems is the primary task because it can affect the overall aspects, including reliability of the system. For the establishment of reliable protection schemes, the fault characteristics of LVDC distribution system must be identified precisely in a practical system. Thus, this paper shows that Prony's method can be used to analyze the fault characteristics of LVDC distribution system. For this purpose, the fault characteristics are theoretically analyzed first. The analysis results are then verified by using ElectroMagnetic Transients Program (EMTP) and MATLAB®.