This paper proposes an approach to address the voltage stability assessment (VSA) considering N − 1 contingency. The approach leverages the sensitivity based Thevenin index (STI) which involves evaluating the Jacobian matrix at current operating condition. Since the N − 1 contingency case is hypothetical, there is no information regarding the operating condition after a foreseen contingency. The proposed approach first estimates the post-contingency operating point as well as possible PV-PQ transitions based on the current operating point. Then the STI for each contingency can be predicted using the estimated operating condition. Numerical results based on IEEE 14bus system demonstrate the accuracy of the proposed approach in predicting the voltage stability margin under contingency. Moreover, the on-line implementation of the proposed approach is promising since it only involves solving several linear equations.Index Terms-Voltage stability assessment, Thevenin equivalence, voltage stability index, N − 1 contingency.