Abstract: The power electronics-dominated hybrid AC/DC grid has been suffering from various oscillation problems. To effectively suppress such oscillation issues, it is necessary to carry out a comprehensive analysis and evaluation of the system oscillation. In this respect, the frequency-domain modal analysis (FMA) method has been widely applied in the oscillation analysis of the power electronics-dominated AC grid. However, as will be revealed in this paper, there exist some limitations in the FMA when applied to the hybrid AC/DC grid, i.e., inability to accurately characterize the wide-/local-area oscillations. Therefore, based on the FMA and diagonal dominance theory, this paper proposes an oscillation evaluation method for the hybrid AC/DC grid, by which the wide-/local-area oscillations can be well characterized and information like oscillation source, propagation and intercepting can be obtained. Firstly, the unique local-area oscillation phenomenon of the hybrid AC/DC grid is revealed as well as its formation mechanism. Secondly, the oscillation evaluation indices system is established, including oscillation mode index, node/branch/loop oscillation index and wide-/local-area oscillation index. At last, a multi-terminal HVDC transmission test system connected with large-scale wind farms is built in MATLAB/Simulink to validate the proposed evaluation method, where the oscillation relevant information obtained can guide the system stabilization plan-making.