Existing continuation power flow (CPF) models mainly focus on the regional independent systems, which are not suitable for multi-area AC/DC interconnected systems because the market trading behaviors and security control for power allocation of tie-lines are ignored. This study presents a novel CPF model and its decoupling algorithm for multi-area AC/DC interconnected systems incorporating a voltage source converter (VSC)-based multi-terminal direct current (MTDC) network. This CPF model includes the following unique features: (1) In view of the bilateral power trading contracts among regional subsystems, the nonlinear constraint equations of directional trading active power via interface are derived, and the multi-balancing machine strategy is introduced to realize the active power balance of each subsystem. (2) An accurate simulation method for the security control behaviors of the power allocation in tie-lines is proposed, which includes a specific selection strategy for automatic generation control units and a generation re-dispatch strategy. These two strategies work together to prevent the serious overload in tie-lines during load growth and improve the voltage stability margin of the interconnected bulk systems. (3) The switching characteristic of reactive power control behaviors of VSC stations is simulated in the CPF calculation. In the end, a novel decoupling CPF algorithm based on bi-directional iteration is presented to realize the decomposition and coordination calculation. This decoupling algorithm preserves the precision and convergence of integrated CPF algorithms, and it has an apparent advantage on the calculation speed. Furthermore, this decoupling algorithm also can easily reflects the effects of the control mode changes of VSC stations to the voltage stability margin of AC system. Case studies and comparative analysis on the IEEE two-area RTS-96 system indicate the effectiveness and validity of the proposed CPF model and corresponding decoupling algorithm.