A method to investigate the effect of gas bubble on cell voltage oscillations was established. The whole aluminum electrolysis cell was treated as a resistance circuit, and the dynamic simulation of the cell equivalent circuit was modeled with Matlab/Simulink simulation software. The time-series signals of cell voltage and anode current were obtained under different bubble conditions, and analyzed by spectral and statistical analysis methods. The simulation results show that higher bubble release frequency has a significant effect on the cell voltage oscillations. When the bubble coverage of one anode block exceeds 80%, the cell voltage may exceed its normal fluctuation amplitude. The simulation also proves that the anode effect detected by computer in actual production is mainly the whole cell anode effect.