The present disclosure proposes a power flow analysis device and a power flow analysis method for an AC/DC hybrid system. Wherein, the device comprises: a memory being stored a computer program; and a processor performing the following steps when executing the computer program: obtaining an AC system voltage and a commutation reaction of the DC transmission system, a first trigger angle of the rectifier, and a second trigger angle of the inverter; constructing an AC equivalent model according to the AC system voltage, the commutation reaction, the first trigger angle, and the second trigger angle; and performing a power flow calculation according to the AC equivalent model to obtain a power flow analysis result of the AC/DC hybrid system. Therefore, the power flow analysis and calculation problem of the AC/DC hybrid system is transformed into the power flow analysis and calculation problem of the pure AC system, which overcomes the problem that the DC system variables are not easily decoupled in the power flow analysis and calculation, and takes into account the efficiency and accuracy of the power flow calculation.