Abstract: It is rather difficult to locate the faults of the multi-terminal flexible MMC-HVDC grid because of their complex fault transient characteristics. This paper aims at the problems like that the fault signals are usually mixed with noise, or the traveling wave velocities are somewhat affected by the line parameters. By analyzing the characteristics of the fault voltage aerial mode traveling wave propagation in multi-terminal MMC-HVDC system, a fault location scheme is proposed. Firstly, the fault voltage traveling wave is effectively decomposed with the help of the variational mode decomposition (VMD). Then, the singular value decomposition (SVD) is used in calibrating the head of the traveling wave. A two-terminal fault location algorithm is adopted to reduce the influence of the line parameters. This algorithm may effectively determine the searching range of the traveling wave without being affected by the synchronization of the two-terminal data. The simulation of the four-terminal bipolar MMC-HVDC grid on the PSCAD/EMTDC demonstrates that the proposed algorithm is able to accurately calibrate the wave head with little interference from the transition resistance and having strong anti-noise capability, and that it is able to the high precision ranging results can be obtained in different fault locations.