Expression for the formation of the pixel value of fast neutron radiography has been derived. The contrast inequality for the photograph has been established using the derived expression; then the relationships of the image contrast with the source intensity, the exposure time, and the scattering have therefore been obtained through the acquired inequality. A simulation on the process of fast neutron radiography is carried out based on the pixel value analysis, and the spatial resolution and image contrast have also been considered. Simulation results show that the spatial resolution is better than that from experiments and the effect of image contrast is equivalent to that of the experiments. Finally, various samples, such as Pb samples, with slits, Fe samples with square holes and multiple materials-combined samples, are used to test the performance of the simulation. Results demonstrate that the simulations are in agreement with the experiments, thus providing a reference to the future experimental design and engineering application.