With increasingly more renewable energy being integrated into the AC-DC hybrid grid, the grid shows more complex dynamic characteristics due to the mutual coupling of HVDC and renewable energy. To evaluate the renewable energy resources’ penetration capacity of the AC-DC hybrid grid, this paper proposes an evaluation method of the renewable energy resources’ penetration capacity of an AC-DC hybrid grid, which considers both economy and safety. Firstly, indicators are proposed for an evaluation of the economy and safety of the AC-DC hybrid grid integrated with renewable energy, where both static and transient stability indicators are considered. Secondly, to maximize the renewable energy penetration capacity and minimize the network loss, an optimization model of the renewable energy penetration capacity of the AC-DC hybrid grid is established considering the static and transient stability constraints. Then, a heuristic solution method for solving the renewable energy penetration capacity optimization model is proposed. Finally, based on the improved IEEE 39 node system, a case analysis is carried out. The simulation results verify the correctness and effectiveness of the proposed method.