The artificial neural network has the ability of the information processing and storage, good adaptability, strong learning function, association function and fault tolerance function. The research on the artificial neural network is mostly focused on the dynamic properties due to fact that the applications of artificial neural networks are related to its dynamic properties. At present, the researches on the neural network are based on the hierarchical network which can not simulate the real neural network. As a high level of abstraction of real complex systems, the small world network has the properties of biological neural networks. In the study, the small world network was constructed and the optimal parameter of the small word network was chosen based on the complex network theory firstly. And then based on the regulation mechanism of the synaptic plasticity and the topology of the small world network, the small world neural network was constructed and dynamic properties of the neural network were analyzed from the three aspects of the firing properties, dynamic properties of synaptic weights and complex network properties. The experimental results showed that with the increase of the time, the firing patterns of excitatory and inhibitory neurons in the small world neural network didn’t change and the firing time of the neurons tended to synchronize; the synaptic weights between the neurons decreased sharply and eventually tended to be steady; the connections in the neural network were weakened and the efficiency of the information transmission was reduced, but the small world attribute was stable. The dynamic properties of the small world neural network vary with time, and the dynamic properties can also interact with each other: the firing synchronization of the neural network can affect the distribution of synaptic weights to the minimum, and then the dynamic changes of the synaptic weights can affect the complex network properties of the small world neural network.