An analytic axial xenon oscillation model was developed for pressurized water reactor analysis. The model employs an equation system for axial difference parameters that was derived from the two-group one-dimensional diffusion equation with control rod modeling and coupled with xenon and iodine balance equations. The spatial distributions of nu, xenon, and iodine were expanded by the Fourier sine series, resulting in cancellation of the flux-xenon coupled non-linearity. An inhomogeneous differential equation system for the axial difference parameters, which gives the relationship between power, iodine and xenon axial differences in the case of control rod movement, was derived and solved analytically. The analytic solution of the axial difference parameters can directly provide with the variation of axial power difference during xenon oscillation. The accuracy of the model is verified by benchmark calculations with one-dimensional reference core calculations.