In this paper, on the basis of the state space method and actual system arrangement, the small fluctuation mathematical model of the water conveyance system with air cushion surge chamber (ACSC) was established. According to the basic equations of ACSC, the ideal gas state equation and the units constant output equation, the formula describing the stable cross-section area (SCSA) of ACSC was deduced, and the small fluctuation stability (SFS) of water conveyance system was analyzed. The corresponding results showed that the air chamber constant had a great influence on the SCSA of ACSC. When the air chamber constant became larger, the quality of the system small fluctuation went worse. The higher upstream water level and the lower initial air chamber height will lead to a smaller initial air chamber constant of ACSC, which is destructive for the stability of the system small fluctuation; As long as the equivalent air quality and air chamber volume are constant, good quality system small fluctuations could be obtained when the initial air chamber height is small and the area of ACSC is large.