The voltage stability characteristics of the AC/DC receiving-end grid are closely related to the control strategy and operating status of the DC system. This paper proposes a static voltage stability calculation method considering the transition operation mode of the DC system. Through the mechanism analysis of the voltage response characteristics, the switching strategy of the converter control mode is constructed. The introduction of the DC power participation factor into the continuous power flow equation characterizes the participation of the DC system in the transition mode, which effectively solves the static voltage stability analysis in the scenario where DC power participates in the incremental load balance. An example of static voltage stability analysis of a receiving-end regional power grid of CSG verifies the effectiveness of the proposed method, and an in-depth comparison and analysis of the converters’ operation control strategy and HVDC power participation factors are conducted. The research results have reference value for the operation and control of AC/DC receiving-end power grids.