Focused on the non-statlonarity and real-time analysis of signal in flutter test with progression variable speed (FTPVS), a new method of recursive time-frequency analysis is presented. The time-varying system is tracked on-line by building a time-varying parameter model, and then the relevant parameter spectrum can be obtained. The feasibility and advantages of the method are examined by digital simulation. The results of FTPVS at low-speed wind-tunnel promise the engineering application perspective of the method.