The mitigation of commutation failure (CF) depends on the accuracy of CF prediction. In terms of the large error of the existing extinction angle (EA) calculation during the fault transient period, a method for CF prediction and mitigation is proposed. Variations in both DC current and overlap angle (OA) are considered in the proposed method to predict the EA rapidly. In addition, variations in critical EA and the effect of firing angle (FA) on both DC current and OA are considered in the proposed method to obtain the accurate FA order for the control system. The proposed method can achieve good performance in terms of CF mitigation and reduce reactive consumption at the inverter side when a fault occurs. Simulation results based on the PSCAD/EMTDC show that the proposed method predicts CF rapidly and exhibits good performance in terms of CF mitigation.