A subsynchronous oscillation (SSO) phenomenon in a wind farm integrated with a modular multilevel converter (MMC)-based high-voltage direct current (HVDC) transmission system has been recently observed in the real world. An attempt is made in this paper to contribute to the understanding of the root cause of the SSO in the MMC-HVDC connected wind farms by the impedance-based analysis. For that, the small-signal impedance model of the MMC is first developed based on the harmonic state-space (HSS) modelling method, which is able to include all the internal harmonic dynamics of MMC. An inherent low-frequency resonance peak in the MMC system excluding any control influence is identified by its terminal impedance characteristics. Arguably, this could be the reason why the SSO phenomenon occurs in the MMC-HVDC connected wind farms. In addition to that, the influence factors, such as main circuit parameters, controller parameters, and power level, on the stability of the interconnected system are examined by the impedance-based Nyquist plots, which can provide guidelines for the system design in order to guarantee the stability of the interconnected system. Based on the mechanism analysis, a stabilization control method for suppressing the SSO in the MMC-HVDC based wind farms is also proposed. Finally, the theoretical analysis and stabilization control method are validated by both time-domain simulations and on-site recorded waveforms in a real MMC-HVDC system for wind farm integration in China.