The current limiting control strategy for modular multilevel converters (MMC) in flexible HVDC power grids can effectively reduce the requirements for line protection speed and the breaking capacity of DC circuit breakers (DCCB). However, it may cause power transmission interruption at the non-fault terminals, thus expanding the fault impact area. To further improve its selectivity, a two-terminal adaptive current limiting control (ACLC) strategy is proposed. First, the starting range of the ACLC for MMC based on the selectivity principle and purpose of current limiting control is determined. Then, based on the initial current traveling wave polarity at both ends of the line within and outside the current limiting starting range, the fault area is identified, allowing the selective activation of the ACLC strategy. Additionally, the DC impedance is adaptively reconstructed based on the degree of voltage drop in the line after fault to suppress the fault current. Finally, an integrated scheme is formed by closing combining ACLC, fault area identification, and fault isolation. Simulation results show that the proposed ACLC strategy has good selectivity, reduces DCCB technical requirements, and exhibits certain degree of adaptability to fault types, fault resistance, and noise.