The Caorso limit cycle data observed during the stability tests were analyzed by the three-dimensional transient code TOSDYN-2. The Caorso limit cycle oscillation was spatially out of phase, and both the amplitude and the extent of the large amplitude region were large. For this reason, it is very valuable for the qualification of the TOSDYN-2 code. TOSDYN-2 employs a three-dimensional neutronics model and a multichannel-type thermal-hydraulic model. The channel-type grouping is important for qualification analysis. It was determined by considering the test results and the more detailed three-dimensional steady-state code results. The analytical results imply that many unstable channels or unstable regions might exist separately in the core. To account for this, TOSDYN-2 could accurately simulate both the amplitude of the limit cycle oscillation and the spatial power change profile. Thus, TOSDYN-2 applicability to the spatial power change phenomenon has been well verified.