The drastic price fluctuation of livestock products caused by frequent swine epidemics has seriously affected the stable and healthy development of the livestock product market. It is important to develop strategies for the stability and development of livestock product market by understanding the impact of swine epidemic on the price of livestock products. Therefore, we systematically analyzed the impact of the swine epidemic on the price of livestock products in China based on monthly data from February 2009 to July 2020 using the factor augmented vector autoregression (FAVAR) model. The results showed that: (i) During the swine epidemic, the price of pork first showed a negative response and then a positive response, while the price of other livestock products showed positive response overall. (ii) The price of pork was the most affected by the swine epidemic, followed by price of chicken. Price fluctuation of beef and mutton was similar, and the price response of eggs and fresh milk was relatively smaller. Based on these results, we put forward policy suggestions for stabilizing the price of livestock products in China during swine epidemic from the aspects of improving the defense system and guiding consumption scientifically.