In order to study the ability of changing tool and dynamic characteristics of automatic tool changers, a dynamic characteristics test system based on the virtual instrument is developed, due to the shortage of testing technology and methods. According to the structure and movement characteristics of automatic tool changer, a method to measure changing tool and collision characteristics is proposed under the conditions of static and dynamic loads, and the sensor installation structures are designed. Further more, the interface design of every model is based on the visualization features of the Labview system, and the data are processed and analyzed with Matlab software. This system can also realize the integrated performance evaluation by neural networks. The actual testing results confirm the feasibility of this system, and the necessary experimental data are provided for research on the ability of changing tool and dynamic characteristics.