This extensive review article provides a comprehensive analysis of control strategies for power sharing in Multi-Terminal High Voltage Direct Current (MT-HVDC) systems utilizing voltage source converters (VSC) and multi-level modular converters (MMC). MT-HVDC systems have become essential components of modern power infrastructures due to their ability to efficiently transmit energy over long distances, connect renewable energy sources, and enhance grid stability. Effective power sharing control is of uttermost importance in these systems for ensuring equitable energy distribution between terminals and grid reliability. The paper begins with a thorough explanation of the fundamental concepts underlying MT-HVDC systems, emphasizing their significance, and examining the various configurations of such systems. The discussion then examines the functions of VSCs and MMCs in these systems, highlighting their distinct advantages and applications. The review analyses in depth the complex power sharing control strategies within VSC-based and MMC-based multi-terminal HVDC systems, as well as a number of control methods, algorithms, and optimization techniques. In addition, the article discusses difficulties and solutions associated with power sharing control in MT-HVDC systems, such as communication and synchronization issues.INDEX TERMS Cascaded controller, DC systems, High voltage direct current (HVDC), modular multilevel converter (MMC) multi-terminal HVDC, Power Control Sharing, Voltage source converter (VSC).