  We consider the dynamic property of the volume preserving mean curvature
flow. This flow was introduced by Huisken who also proved it converges to a
round sphere of the same enclosed volume if the initial hypersurface is
strictly convex in Euclidean space. We study the stability of this flow in
hyperbolic space. In particular, we prove that if the initial hypersurface is
hyperbolically mean convex and close to an umbilical sphere in the $L^2$-sense,
then the flow exists for all time and converges exponentially to an umbilical
sphere.
