Abstract: This paper introduces several kinds of characteristic earthquake models, which obey lognormal distribution, normal distribution and Brownian passage-time (BPT), and then proposes the theory and method of time-dependent probabilistic seismic hazard analysis (PSHA) of characteristic earthquake based on seismic rupture surface model. Finally different characteristic earthquake models are compared through several examples, and the PSHA method of characteristic earthquake are systematically explored. The results indicate that the seismic hazard of time-dependent models of characteristic earthquake in early periods of recurrence cycle is lower than that of time-independent model, and higher than that of time-independent model in later periods. The seismic hazard by using lognormal distribution model is similar to that by BPT model. Before expected recurrence time, the seismic hazard calculated by normal distribution model is similar to the two models mentioned above, but increases quickly near and beyond expected recurrence time.