The supercritical carbon dioxide (sCO2) cooled Lithium–Lead (LiPb) dual function blanket is an advanced blanket concept design proposed by Chinese Fusion Engineering and Test Reactor (CFETR), which has the characteristics of high inherent safety and high thermoelectric conversion efficiency. In order to study the operational safety characteristics of the fusion reactor blanket Auxiliary Cooling System (ACS) and ensure the safe and stable operation of the system, this paper establishes a dynamic simulation model of key equipment for the fusion reactor blanket ACS, and develops a system analysis program. Based on the self-programming system program, this paper analyzes the thermal safety effects of various heating powers and flow rates on the sCO2/LiPb dual function blanket, and conducts research on the operational safety characteristics of the system under expected shutdown transient events and varying degrees of Unprotected Loss of Heat Sink (ULOHS) accidents. The results indicate that sCO2 and LiPb can effectively remove plasma radiation heat flux and nuclear thermal power, ensuring the thermal safety of the blanket. When the LiPb mass flow rate is 60% of the rated value, the outlet temperature of LiPb in the breeding zone exceeds its design limit of 1273.15K. When the LiPb flow rate is 30% of the rated value, the temperature of the cooling plate material in the blanket exceeds its design limit of 798.15K. Under expected shutdown operating conditions, the system can effectively export residual heat from the blanket. The ultimate operating condition of ULOHS accident is a 95% loss of sCO2 flow on the secondary side, and after 3000 s, the LiPb temperature inside the blanket exceeds the limit value. This study can provide technical support for system regulation and operation control.