The operation of the IBR-2 pulsed reactor (1987-2006) showed that a total transfer coefficient of the power decreases during the operation of the reactor, therefore each reactor cycle has its own transfer coefficients [1] and stability margins. Hence, the study of dynamics of the new reactor IBR-2M (modernized version IBR-2, since 2011) is extremely important. In this paper, the results of an experimental and a modelling study of dynamics of the IBR-2M are presented, for the reliable and safe operation of reactor. For this purpose, model dynamics of the IBR-2M has been developed, which includes experimental data on reactor feedback parameters in period 2015-2017 at a mean power of 0.5 MW. Using the model dynamics of the IBR-2M, the stability margins of the reactor in different regimes its operation (self-regulating and automatic regulating) were estimated. It shown that during the analyzed time of the operation reactor with energy production up to 1200 MW·day significant changes in dynamics of reactor has not occurred. The reactor has been working in the stability region.