In order to study the transient response characteristics of Filter Commutated Converter (FCC) under the condition of single-phase earth fault, in the paper, referring to the CIGRE HVDC benchmark testing model (LCC-HVDC), on the basic of non-changing the short circuit ration (SCR) and some parameters, combining the connecting features of FCC, the new testing model based on FCC (FCC-HVDC) is established in the PSCAD/EMTDC; based the two models of LCC-HVDC and FCC-HVDC, the magnetizing and harmonic characteristics are analyzed comparatively under the single-phase earth fault, the results indicated: (1) the magnetizing current of the converter transformer are both a sudden increase and unidirectional magnetization, but the magnetizing characteristics of FCC-HVDC is better than LCC-HVDC; (2) FCC-HVDC still maintains its good harmonic suppression characteristics.