High‐voltage direct current (HVDC) power modulation can effectively improve the system frequency stability after high power shortage fault disturbance. This study presents an emergency control method by coordinating the active powers of multiple HVDC lines for enhancing the frequency stability. Firstly, the system frequency response model with HVDC modulation is built, and then a simplified method for calculating the sensitivity of maximum frequency to HVDC modulation is proposed based on the first‐order differential method. Next, based on a functional relationship of the AC bus voltage and the actual HVDC modulation capacity, the methodology for calculating the HVDC real‐time modulation capacity is proposed. Finally, the coordinated multiple HVDC modulation emergency control model is established which aims to minimise the modulation cost considering the maximum frequency threshold. The proposed methodology has been tested in a real‐power system. The simulation results of different scenarios have verified its effectiveness in suppressing the rise of maximum frequency and enhancing frequency stability.