Modern power grid has set up a hybrid operation framework with AC & DC multi-components and multi-systems. The characteristics of operation and control are complex and appear as the coupling of electromagnetic transient and electromechanical transient process of each type of electric components. Either the tranditional ‘N-1’ power flow calculation method or the electromechanical transient simulation has great weakness in the simulation and control analysis of hybrid power systems. Key points when real-time simulation technology are applied to AC & DC hybrid power system analysis are investigated in this paper. A practical method of electromagnetic and electromechanical transient hybrid real-time simulation with hardware in loop is exploited to build a panoramic simulation environment that can take account of not only fast HVDC transient responses but also the system oscillation characteristics. The introduced simulation technology has been applied to system operation boundary assessment, anti-accident measures study and system stability control strategy testing of CSG. It is a very impactful simulation platform for the precise simulation and control technologies research of hybrid power systems.