Frequency stability is an important factor for the safety and stability of the power system operation. In a traditional power system, the operation stability is ensured by the inertia response, primary frequency modulation, and secondary frequency modulation. In recent years, in order to achieve the goal of carbon neutralization and carbon peaking, China has made great efforts in new energy development. With large-scale new energy connected to the power grid, the proportion of traditional conventional synchronous units has gradually declined. At the same time, a large number of power electronic devices have been used in the power grid, which led to the capability decline of the inertia response and primary frequency modulation. For example, the East China Power Grid has experienced a sharp frequency drop in such an environment. In order to solve the above problems, the operation principle and control mode of various new energy resources are analyzed in this paper. Moreover, the process and principle of power grid frequency response are studied and the evaluation index of frequency response capability is proposed. The research results can quantitatively evaluate the system inertia response and primary frequency modulation level and provides a judgment tool for dispatching operators and system planners.