The fluid transmission medium has large compressibility and low rigidity, and its physical properties are extremely sensitive to state parameters such as flow, pressure and temperature. Therefore, compared with the mechanical transmission system, the natural frequency of the fluid transmission system is relatively low and has time-varying characteristics. After a wide frequency range changing of the load frequency and long-term operation, the excitation frequency of the fluid transmission system is more likely to approach its natural frequency and causes resonance, which seriously affects the normal operation of the system. Therefore, taking the hydraulic opposing cylinder controlled by servo valve as the research object, based on the analytical relationship between the dynamic bulk modulus and the equivalent stiffness of oil, the vibration dynamics models and equations of the system is established by using the lumped parameter method. Through the free vibration analysis, the natural frequencies and main vibration modes of the system are determined and the sensitivity changes of the natural frequencies to the design parameters are revealed. The maximum error between the theoretical modal frequency and the experimental one is 3.77%, which verifies the correctness of the dynamic model of the system. This research can provide a theoretical reference for the optimization of the dynamic performance of the hydraulic transmission system.