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Singular value decomposition method is effective for voltage stability analysis of the AC power system. It is applied to analyze the voltage stability of AC/DC hybrid transmission systems in this paper. The influences of DC control modes and load static characteristics on voltage stability are taken into account. The two-terminal DC system is taken as an example to deduce the computation formulas of the influences of DC injected power on the Jacobian matrix in detail. The results obtained from the example verify that the singular value decomposition method is a systematic and effective method for AC/DC hybrid system voltage stability analysis. It is more accurate than the Maximum Power Curve (MPC) method and is suitable for multi-terminal (or multi-infeed) DC transmission systems.