Traditional HVDC traveling waves location are easy to malfunction, and are seriously affected by the noise. In order to ensure reliable operation of the voltage source converter HVDC (VSC-HVDC) system, this paper proposes a new combination of Teager energy operator and local mean decomposition (LMD) in the fault location. By the time-frequency analysis of the Morlet wavelet to determine the characteristics of boundaries in the VSC-HVDC, this paper proposes an identification criterion of internal and external faults based on the ratio of PF component energy area. The differential of high-frequency current between fault line and non-fault line is used as the criterion of choosing pole. For the internal fault ranging, the Teager energy operator is combined with LMD. The simulation results show that the maximum fault location error of the proposed algorithm is not more than 0.124%, and it is not affected by the fault resistance. By adding noise, it is verified the reliability of the proposed method and criteria, so that the program can achieve the full range of VSC-HVDC accurate positioning.