Abstract: To accommodate the large amount of renewable energy in Zhangjiakou and support the 2022 BeijingZhangjiakou Olympic Winter Game, State Grid Corporation of China plans to build the 500 kV four-terminal VSC-based DC grid project in Zhangbei. Economic assessment of the Zhangbei VSC-based DC grid project planning schemes with different capacities of renewable energy and pumped-hydro storage power station is particularly important. A method for economic assessment of multi-terminal VSC-based DC grid planning was proposed based on the time sequence simulation technology. An optimization model aiming at maximizing renewable energy power output was established, which takes into account operation modes of the VSC-based DC grid, peak load regulation of power grid’s output, N-1 reliability criterion, operations of pumped-hydro storage station and renewable energy curtailment rate. Based on the annual time sequences of renewable energy power generation, the power integration and output of the Zhangbei VSC-based DC grid was optimized and the related operation cost and benefit were calculated for each planning case. The discounted cash flow method was adopted for evaluation assessment of planning cases and case studies verified the effectiveness of the proposed method.