HVDC transmission is a system that converts alternating current (AC) to direct current (DC) for long-distance power transmission and then back to AC at the receiving end, using conversion devices like rectifiers and inverters. It includes various types of links (monopolar, bipolar, and homopolar), each with unique characteristics and applications. The system offers advantages such as reduced conductor requirements and costs but also has disadvantages including high installation costs for conversion substations and harmonics generated during the conversion process.