The continuous increase in the penetration rate of renewable energy has led to a decrease in the system’s frequency response capability, which presents great challenges to the safety and stability of the power system. In order to ensure the safe operation of the power system, online frequency safety assessment has become necessary. However, the time-varying characteristics of the virtual inertia HNE of renewable energy stations make it more difficult to accurately predict the lowest point of the system frequency after a disturbance. Based on the general average system frequency (G-ASF) model, this paper proposes a G-ASF-H model that considers the time-varying characteristics of the virtual inertia of renewable energy stations, accurately predicts the lowest frequency point after a system disturbance, and realizes the online frequency safety assessment of the system. Firstly, a unified virtual synchronous generator model is established to identify the virtual inertia time constant of the renewable energy station in real time; then, under the pre-defined frequency safety verification event, the maximum deviation of the system frequency is periodically calculated and judged based on the G model to realize the online frequency safety assessment. The example analysis on the IEEE 10-machine 39-node system shows that the model has a high calculation speed and accuracy under different disturbances or daily load level scenarios and can be used for the online security assessment of new power systems with time-varying virtual inertia characteristics.