The fluctuation of renewable energy in the new type power system will have a noticeable impact on the voltage, which poses higher requirements for the voltage stability analysis and control performance. Therefore, a static voltage stability margin and voltage compensation analysis method based on the power flow sensitivity is proposed. Firstly, by analyzing the power flow sensitivity and combining it with the parameterized power flow equation, the equation representing the state at the critical point of the static voltage stability is established. Secondly, based on the continuity of the power flow Jacobian determinant, the parabola method and bisection method are used to solve the static voltage stability margin considering the voltage constraint of system operation. Finally, based on the impact of renewable energy fluctuations on the power system voltage, combined with the power flow sensitivity, the compensating effect of reactive power compensation at the critical point of static voltage stability on voltage changes is analyzed, and an economical voltage compensation method that comprehensively considers active power regulation and reactive power compensation is established. The simulation results show that the proposed static voltage stability margin analysis method has higher computational efficiency compared to existing methods, and the combination of active power regulation can significantly reduce the reactive power compensation configuration capacity when the fluctuation of renewable energy is large. The proposed method can meet the needs of ultra-short-term time scale static voltage stability analysis under the fluctuation of renewable energy in the new type power system, and achieve more economical voltage regulation.