A fast protection scheme considering high-resistance fault is proposed for multi-terminal DC grid with current limiting inductance. The rate of change of voltage measured at the front-end of current limiting inductance is used as the main protection criterion in the new algorithm, and an auxiliary criterion, which uses the wavelet-based high frequency energy, is added to improve the performance of protection under high resistance faults. The auxiliary criterion extracts the high-frequency characteristics of the initial and reflected traveling waves by using stationary wavelet transform (SWT), and can improve the sensitivity of the protection significantly under high resistance faults. The main and auxiliary criterion of the protection scheme complement each other in terms of speed and tolerance to fault resistance. In addition, the protection scheme only utilizes the local signals, and thus has no signal communication delay, which can satisfy the requirement of protection speed of multi-terminal DC grid. At last, a four-terminal DC grid is modeled based on PSCAD/EMTDC simulation platform, and substantial simulation results verify the effectiveness of the proposed method.