This paper proposes a joint limiting control strategy for suppressing DC fault current and arm current in modular multilevel converter-based high-voltage direct current (MMC-HVDC) systems, which includes two target-oriented current limiting controls. To limit the DC fault current in the early fault stage, an equivalent modular multilevel converter (MMC) impedance is obtained, and its high-frequency part is reshaped by introducing virtual impedance, which is realized by adjusting the inserted submodules adaptively. Following the analysis of MMC control characteristics, the arm current limiting strategy is investigated, with results showing that the inner-loop control has significant effects on arm current and that a simple low-pass filter can reduce the arm current in the fault period. Finally, by combining the virtual impedance shaping and inner-loop control, the fault currents of DC lines and MMC arms can be suppressed simultaneously, which can not only alleviate the interrupting pressure of the DC circuit breaker, but also prevent the MMC from being blocked by the arm overcurrent. Theoretical analysis conclusions and the proposed strategy are verified offline by a digital time-domain simulation on Power Systems Computer Aided Design/Electromagnetic Transients including DC platform, and experiment on a real-time digital simulator platform.