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Till 2015, a large scale, ultra-high voltage and AC/DC hybrid power transmission configuration, including three Â±800 kV ultra-high voltage DC systems, will be formed. For such a complex system, dynamic characteristic will become attention focus. Based on the 2015 Yunnan-Guangdong ultrahigh voltage AC/DC hybrid system, full-process dynamic voltage stability is analyzed in this article, for which models of on-load tap changer transformer (ULTC), over-excitation limit and under-excitation limit, and under-voltage load-cutting are established. Under serve disturbances, influence of on-load tap changer transformer action on full-process dynamic voltage of the sending system Yunnan power grid is analyzed, which provides reference for the planning of 2015 Yunnan-Guangdong ultra-high voltage AC/DC hybrid system.