The converter transformer, as one of the indispensable core devices in the ultra-high voltage direct current (UHVDC) transmission system, exhibits highly complex electric field distribution characteristics within the valve-side bushing. In-depth research into the electric field distribution characteristics and variation patterns of the valve-side bushing under both alternating current (AC) and direct current (DC) voltage conditions is crucial for ensuring the reliable operation of the transmission system. This study focuses on investigating the electric field distribution of the valve-side bushing under AC and DC voltage excitations. A full-scale finite element model of the valve-side bushing of the converter transformer is constructed using finite element simulation software for modeling and research purposes. The results indicate that the internal electric field distribution of the bushing is generally similar under both AC and DC voltage excitations. However, in the SF6-filled region, a steeper voltage drop is observed under DC excitation compared to AC. The space charges generated in the DC electric field due to field polarization have a significant impact on the distortion of the electric field on the inner and outermost layer electrode plates. These conclusions provide theoretical guidance for the insulation design of the valve-side bushing in converter transformers at the 500 kV voltage level and similar ratings.