The development of smart power systems in Industry 4.0 will bring people better quality electrical energy. The photovoltaic power generation system in the smart grid for Industry 4.0 is also the focus of development. The rapid development of photovoltaic power generation systems will bring people cleaner and greener energy. However, it will cause the transient overvoltage phenomenon near the DC sending terminal when the large-scale photovoltaic plant is connected to the power grid, further bringing about a profound impact on the power grid and its security and stability. In this paper, it is proposed that the rise of transient overvoltage at the photovoltaic terminal is caused by three main factors including the reactive power surplus of DC commutation failure, the weak power grid at the sending terminal, and the control characteristics of the photovoltaic plant. Then, the coordinated control strategy of transient overvoltage is proposed, and the overvoltage control strategy of the DC transmission terminal and the photovoltaic power plant control strategy are, respectively, optimized. Finally, the influence parameters of overvoltage are analysed and the corresponding photovoltaic strategy is presented. The optimization results of photovoltaic parameters and the proposed strategies of photovoltaic power generation can effectively restrain the voltage or frequency fluctuation and power oscillation caused by HVDC commutation failure. This study promotes the development of the photovoltaic power generation system in the intelligent power system of industry 4.0.