AC/DC power flow algorithms have been proposed and developed as essential analysis tools for the Voltage Source Converter (VSC) based AC/DC hybrid grid. However, prevailing AC/DC power flow algorithms, e.g., the Newton-Raphson based algorithm, suffer from limitations in terms of convergence, multiple solutions, and high computational complexity. To address these issues, this paper presents a novel sequential AC/DC power flow algorithm based on the implicit Z-bus (IZB) method. We firstly provide a general AC/DC power flow model in real vector space, which takes into account the interface data, internal connection and various control modes of VSC stations. Then, simple and compact IZB iterative mappings in real vector space are derived for the AC solver and DC solver. A sequential algorithmic architecture and data exchange mechanisms are designed considering losses calculation, capacity limits and control strategy switching. The impacts of tolerance settings, initial value selections and load levels on the convergence and accuracy of the algorithm are theoretically analysed. Notably, rigorous convergence analyses substantiate the superior attributes of the proposed algorithm over existing models, guaranteeing convergence to high-voltage solutions (feasible and stable solutions). Numerical tests are performed to compare the proposed algorithm with existing works in terms of accuracy, efficiency, scalability and reliability.