The application of cross-linked polyethylene (XLPE) cables to voltage sourced converter (VSC)-based high voltage direct current (HVDC) systems has already been technically verified and has become common, and thermoplastic (TP) is attracting attention as an insulation material for next-generation cables due to the recent development of material-related technologies. However, studies related to TP cables are mainly focused on improving material properties, and studies related to cable systems are insufficient. In this paper, XLPE and TP cables were designed for application to VSC-based HVDC systems, and major characteristics such as electric field distribution and thermal stability were compared and analyzed through overvoltage simulation. The insulation design method of HVDC cable was presented, and the design was performed using XLPE and TP insulation materials. The temperature and electric field profiles of the cables were also analyzed through a finite element method simulation. To analyze the performance of the designed cable, it was simulated with the PSCAD/EMTDC program. Based on the simulation results, the major characteristics of XLPE and TP cables were compared and analyzed. Results showed that in the case of TP cables, insulation properties were excellent, but thermal conductivity was relatively low; therefore, countermeasures are needed.