Abstract: Driven by the strategic goals of "peak carbon emissions" and "carbon neutrality", power system is transforming into a new power system marked by extensive integration of new energy sources and a significant presence of power electronic devices. This transformation induces significant changes in its power source structure, and operational characteristics. Electromagnetic transient simulation, possessing the capability to comprehensively and precisely depict the high-frequency dynamic traits of the power system, has become a pivotal tool for understanding the operational features of the new power system. However, electromagnetic transient simulation techniques under the traditional serial computing mode is inadequate in addressing the simulation scenarios involving the large-scale integration of new energy sources and the complex coupling of AC and DC systems. Urgent research is needed to explore efficient parallel algorithms and hardware acceleration perspectives for electromagnetic transient simulation in a parallel computing mode. To this end, this paper first outlines the new demands of the new power system for electromagnetic transient simulation. It then introduces parallel algorithms for electromagnetic transient simulation, followed by a presentation of multi-rate simulation methods to further enhance efficiency, and introduces parallel simulation implementation schemes based on parallel computing devices. Finally, it reviews the parallel strategies of electromagnetic transient simulation platforms domestically and internationally, concludes that a simulation platform with deep integration of algorithm and hardware is the future direction, and also provides an analysis and outlook on key technologies involved.