The multi-agent theory is introduced and applied in the way to strike the control amount of emergency control according to stability margin, based on which an emergency control strategy of the power system is presented. The multi-agent control structure which is put forward in this article has three layers: system agent, areal agent and local agents. System agent sends controlling execution signal to the load-local agent according to the position and the amount of load shedding upload from areal agent; The areal agent judges whether the power system is stable by monitoring and analyzing the maximum relative power angle. In the condition of instability, determines the position of load-shedding, and the optimal amount of load-shedding according to the stability margin based on the corrected transient energy function, upload control amount to system agent; local-generator agent is mainly used for real-time monitoring the power angle of generator sets and uploading it to the areal agency, local-loads agent control load by receiving the control signal from system agent. Simulations on IEEE39 system show that the proposed control strategy improves the system stability.