A sending-end AC fault may lead to commutation failure (CF) in a line-commutated converter high-voltage direct current (LCC-HVDC) system. In this paper, a theoretical analysis of the impact mechanisms of a CF and its recovery speed on the transient stability of a sending-end power system (TSSPS) is performed. Firstly, the models of the sending-end power system and DC power of CF are established; the ramp function is utilized to characterize the DC power recovery process. Secondly, the swing direction of the relative rotor angle caused by a sending-end AC fault is discussed, and the DC power flow method is employed to theoretically analyze the impacts of CF and its recovery speed on TSSPS. Next, the mathematic relations between parameters of the voltage-dependent current order limiter (VDCOL) and DC power recovery speed are further derived. It is concluded that the impacts of CF and its recovery speed on transient stability are related to the swing direction caused by a sending-end AC fault, the inertia of generators, and the location of the rectifier station. Finally, the theoretical analysis is validated by Kundur’s two-area system and IEEE 68-bus-based AC/DC asynchronous interconnection test power systems, respectively.