According to the structure and characteristics of HVDC system, this paper used the FTA (fault tree analysis) method to divide fault results of DC system into five transmission capacities: 0%, 25%, 50%, 75% and 100%, calculated results by incorporating DC system into AC system and used Monte Carlo simulation method to evaluate reliability of AC/DC hybrid system. Whats more, this paper established the model, algorithm and index system for risk assessment of AC/DC hybrid power system and developed corresponding software. Finally, an example was given to prove the correctness and validity of the proposed algorithm and software.