High-voltage direct current (HVDC) transmission is playing an increasingly important role in modern power systems, and the resulted power/voltage stability issue has raised widespread concern. This paper presents an on-line power/voltage stability index (PVSI) for multi-infeed HVDC (MIDC) systems. Different from the existing indices which are developed mainly for off-line and static analysis, the proposed PVSI can be applied in real time. Effects of system changes on stability assessment such as change of system states and control strategies are considered. Thus, helpful guidance can be provided for on-line HVDC stability and controls. The PVSI is originally deduced for single-infeed HVDC systems in an “AC way” by analyzing the power and voltage stability of both pure AC systems and HVDC systems. Moreover, its on-line application in practical MIDC systems is realized by building an equivalent single-infeed model, and utilizing nowadays measurement and communication infrastructures such as wide-area measurement system (WAMS). The effectiveness of the PVSI is verified through simulations in real-time digital simulator (RTDS).