The SMART (System-integrated Modular Advanced ReacTor) is an integral-type small modular reactor developed by KAERI (Korea Atomic Energy Research Institute). This paper discusses the feasibility and applicability of a 3D-based equivalent model using dynamic condensation method for seismic analysis of a SMART control rod drive mechanism. The equivalent model is utilized for complicated seismic analysis during the design of the SMART. While the 1D-based beam–mass equivalent model is widely used in the nuclear industry for its calculation efficiency, the 3D-based equivalent model is suggested for the seismic analysis of SMART to enhance the analysis accuracy of the 1D-based equivalent model while maintaining its analysis efficiency. To verify the suggested model, acceleration response spectra from seismic analysis based on the 3D-based equivalent model are compared to those from the 1D-based beam–mass equivalent model and experiments. The accuracy and efficiency of the dynamic condensation method are investigated by comparison to analysis results based on the conventional modeling methodology used for seismic analysis.