High-voltage direct current (HVDC) technology based on Line Commutated Converter (LCC) is widely used in modern power systems due to its numerous benefits. However, as a typical power electronic device, LCC-HVDC has caused significant changes in the dynamic behavior of modern power systems due to largely replaced conventional power supplies in power systems. The interactions among sending-terminal and receiving-terminal system become stronger and have caused some stability issues, but the mechanism behind this has yet to be fully revealed. In order to analyze the interactions among sending-terminal and receiving-terminal system of LCC-HVDC, a small-signal model of modular HSS modeling is proposed based on Harmonic State Space (HSS) theory. Comparison of time-domain response with detailed switching model shows that the proposed can well reflect the dynamic behavior of the detailed switching model. Based on the model, the influence of controller’s parameters on system stability is analyzed, as well as the dynamic interactions of LCC-HVDC among sending-terminal and receiving-terminal system are investigated. Analytical results demonstrate that there exists interactions among sending-terminal and receiving-terminal system which have an influence on the stability of the system.