In this paper, we consider the nonlinear transport equation with delayed neutrons. By means of the tneory of nonlinear perturbations ofCo-semigroups, the existence and uniqueness of the mild solution, strong solution and local solution inLp(1 ≤p< +00) are proved. It is showed that the mild solution of this equation can be constructed by iterative method. The convergence speed of the iterative solution is also estimated.