In this paper, we present CB-Power, a hierarchical power analysis and characterization environment of cell-based CMOS circuits. The environment includes two parts, a cell characterization system for timing, input capacitance as well as power and a cell-based power estimation system. The characterization system can characterize basic, complex and transmission gates. During the characterization, input slew rate, output loading, capacitive feedthrough effect and the logic state dependence of nodes in a cell are all taken into account. The characterization methodology separates the power consumption of a cell into three components, e.g., capacitive feedthrough power, short-circuit power and dynamic power. With the characterization data, a cell-based power estimator (CBPE) embedded in Verilog-XL is used for estimating the power consumption of the gates in a circuit. CBPE is also a hierarchical power estimator. Macrocells such as flip-flops and adders are partitioned into primitive gates during power estimation. Experimental results on a set of MCNC benchmark circuits show that the power estimation based on our power modeling and characterization provides within 6% error of SPICE simulation on average while the CPU time consumed is more than two orders of magnitude less.