Abstract: Two-terminal DC distribution networks are a type of network structure powered by two-terminal power sources, providing a more stable and reliable supply voltage for DC loads. However, power fluctuations and unbalanced loads increase the voltage drop on the line, which may lead to the voltage deviation and imbalance index of DC loads exceeding the limit, obstructing the normal operation of DC loads. Based on the outer-loop voltage control of the voltage source converter（VSC）, and considering the neutral line voltage compensation, this paper proposes a joint suppression strategy for the voltage deviation and imbalance of DC distribution network based on the voltage compensation equivalent model, to realize the local coordinated voltage control of DC distribution network. First, the paper establishes a power flow model of the two-terminal DC distribution network, introduces the VSC voltage droop control into the model, and analyzes the characteristics of voltage deviation and imbalance under different control strategies. Then, on this basis, a simplified equivalent model of voltage drop in the two-terminal power supply circuit is obtained by taking the lowest voltage point as the dividing point, and the least square method is used to identify the equivalent impedance parameters, constructing the voltage compensation equivalent model of two-terminal DC distribution network. Taking the parameter identification results as the voltage outer-loop control input, a local coordinated voltage control strategy for twoterminal DC distribution networks considering the neutral line voltage compensation is proposed. Finally, a simulation model is built in the MATLAB/Simulink to verify the correctness of the power flow models of the two-terminal DC distribution network and the effectiveness of the control strategy.