Abstract: With the rapid expansion of China’s cross-regional interconnection projects, multiple HVDC links are being densely fed into the Central China load center, resulting in the receiving-end grid becoming “hollowed out” of conventional generation, suffering from sharply reduced short-circuit capacity and insufficient reactive reserves. Consequently, weak static-voltage support and transient-voltage exceedance have become increasingly prominent. To address these two issues, a differentiated dynamic reactive power compensation planning method based on node-specific risk levels is proposed. By integrating the multiple binary-table criterion with a static equivalent-power index, a composite indicator system is established to assess both transient and static voltage stability. On the basis of the classified transient-voltage instability risk of each node, a differentiated compensation strategy is developed. A multi-objective optimization model that minimizes economic cost and maximizes the equivalent-power index is then constructed and solved by an improved multi-objective grey wolf optimizer(IMOGWO) combined with entropy-weighted TOPSIS for decision making. Simulations on the CSEE-VS test system demonstrate that the proposed scheme significantly enhances transient-voltage stability margins while markedly reducing the total compensation cost, verifying its effectiveness and economic efficiency.