The strong randomness of new energy, the weak anti-disturbance ability of power electronic equipment, and the interactive influence of multiple uncertainties in the source, network, and load side make the cascading failure evolution process of the high-proportion new energy power system more complicated. In order to reveal the evolution process of cascading failures, based on the defined key characteristic events, this paper divides the evolution process of cascading failures of high proportion new energy power system into the initial stage, development stage, and deterioration stage, and expounds its cascading situation in stages. Based on a DC project, cases with DC system was constructed, and the evolution process of cascading failures in high-proportion new energy power systems was simulated and analyzed.