A broad overview of on-line power system security analysis is provided, with the intent of identifying areas needing additional research and development. Current approaches to state estimation are reviewed and areas needing improvement, such as external system modeling, are discussed. On-line contingency selection has become practical, particularly for static security. Additional work is necessary to identify better indices of power system stress to be used in on-line screening filters for both static and dynamic security analysis. Use of optimal power flow schemes to recommend optimal preventive and corrective strategies is presented on a conceptual level. Techniques must be further developed to provide more practical contingency action plans, which include real-world operating considerations and use a reasonably small number of control actions. Techniques must be developed for costing operating variables which are not easily quantified in dollars. Soft or flexible constraints and time variables must be included in the preventive and corrective strategy formulation. Finally, the area of on-line transient and dynamic security analysis is presented.>