The traditional load-shedding models usually use global optimization to get the load-shedding region, which will cause multiple variables, huge computing scale and other problems. This makes it hard to meet the requirements of timeliness in on-line power system operation risk assessment. In order to solve the problems of the present load-shedding models, a load-shedding model based on sensitivity analysis is proposed in this manuscript. By calculating the sensitivity of each branch on each bus, the collection of buses which have remarkable influence on reducing the power flow on over-load branches is obtained. In this way, global optimization is turned to local optimization, which can narrow the solution range. By comprehensively considering the importance of load bus and adjacency principle regarding the electrical coupling relationship, a load-shedding model is established to get the minimum value of the load reduction from different kinds of load buses, which is solved by the primal dual interior point algorithm. In the end, different cases on the IEEE 24-bus, IEEE 300-bus and other multi-node systems are simulated. The correctness and effectiveness of the proposed load-shedding model are demonstrated by the simulation results.