Load models have a great impact on voltage behaviors as well as power system transient dynamics. Extensive work has been done on this topic, proposing appropriate load models and capturing better load behaviors during transient. This paper presents a comprehensive study to investigate the geometric and topological changes induced by different load models for the traditional power system differential-algebraic equations. Specifically, we attempt to reveal the deformation of equilibria, stability regions, and algebraic manifolds during a continuous evolution of load model. Several findings are presented in the paper, some of which countering traditional recognitions and intuitions. A major discovery is that the load model with a large proportion of constant impedance and a small proportion of constant power exhibits much more complex features than the load model with the reversed proportions of impedance and power. The increase of complexity is thoroughly recorded and investigated by the changes of geometric properties and mutations of topological invariants in the sense of equilibria, stability regions, and algebraic manifolds for the DAE system. However, most of the changes seem to occur on unstable components of algebraic manifolds or near the singular boundary surfaces, suggesting a limited variation of dynamical behaviors on the stable component.

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