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As an advanced transmission technology, VSC-HVDC has been used in twelve transmission projects including three under construction since 1997, because of its flexible controllability, compact appearance and environmental benefits. But its high initial investment makes the investors and power utilities doubt its rate of return. This paper estimates the LCC and the transmission cost of VSC-HVDC. Then applies an improved AHP method to comprehensively evaluate the application value of VSC-HVDC from four aspects: technology, economy, environment protection and social value. The result indicates that even though the transmission cost of VSC-HVDC is more than HVAC and LCC-HVDC in some situations, it has attractive potential benefits due to its technology and environmental advantages.