A large offshore wind farm usually consists of dozens or even hundreds of wind turbines. Due to the limitation of the simulation scale, it is necessary to develop an equivalent model of offshore wind farms for power system studies. At present, the aggregation method is widely adopted for wind farm equivalent modeling. In this paper, the topology, electrical parameters, operating conditions and individual turbine characteristics of the offshore wind farms are taken into consideration. Firstly, the output power distribution of offshore wind farm, the voltage distribution of the collector system and the fault ride-through characteristics of wind turbines are analyzed. Then, a dynamic equivalent modeling method for offshore wind farms is developed based on the fault characteristics analysis. Finally, the proposed method is validated through time-domain simulation.