Abstract: Hybrid Modular Multi-level Converter (hybrid-MMC) can achieve non-blocking fault ride-through, but the proportion of its full bridge sub-modules must reach more than 50%. How to further reduce the cost has important engineering value. The embedded full bridge modular multi-level converter (EFB-MMC) also has the fault ride through capability, but its mechanism analysis and non-blocking ride-through characteristics need further researches. Starting from the topological structure of the hybrid MMC and the EFB-MMC, this paper introduces the fault clearing mechanism of the two schemes. According to the fault clearing characteristics of the EFB-MMC, the expressions of the fault currents are given and verified by simulation. The fault clearing characteristics and recovery processes of the two schemes are compared in a two-terminal system, and so are their investment costs and losses. The results show that the EFB-MMC has the similar fault clearing effects with the half-full hybrid MMC, but has more cost advantages, valuable for further researches.