A high pressure electronic pneumatic pressure reducing valve, consisted of a two-position three-port pilot valve controlled by electromagnet and a piston type main valve, was proposed. The valve used a pressure sensor and a controller to constitute the closed-loop feedback. By consuming a little gas in the pilot valve, rapidity and stability of pressure regulation were preserved, the influences of pilot leakage on the valve and unexpected icing in pilot valve could be avoided. Then the characteristics were analyzed based on the structure and working principle of the valve, finally the simulation model including the vibration of gas supply pressure and load flow rate was built up with AMESim. Simulation results showed that steady pressure reduction could be achieved under the condition of gas supply pressure slowly reducing and load flow rate fluctuating in a big range. When gas supply pressure is 31.5MPa, the output pressure could be steady in 1~30MPa without adjusting the controller parameters; the influences of machining errors on the valve were also simulated, the results showed that under-lap of pilot spool should be avoided to reduce gas consuming and 10μm is a suitable choice for the height of annular clearance.