The bridge arms and DC voltage of China’s Four-Terminal Flexible DC Transmission Project exhibit persistent high-frequency harmonics over the medium to long term, causing issues such as overheating losses and electromagnetic interference within the converter stations. To address this issue, this paper first introduces the structure of the Four-Terminal Flexible DC Grid and the high-frequency harmonic characteristics on the DC side, clarifying the impact of control cycles on the harmonic distribution at converter stations. Through analysis of the modulating wave, it is demonstrated that the sideband harmonics originate from the coupling effect between the control cycle and the modulating wave, inducing high-frequency sideband harmonics on the bridge arm. A discrete switching equation for bridge arm voltage was established. Based on double Fourier decomposition, a mathematical model for sideband harmonics was derived, and the flow direction of these harmonics was analyzed. A four-terminal flexible DC system was constructed using PSCAD electromagnetic transient simulation, yielding harmonic distributions in the arm and DC-side sidebands. This validated the accuracy of theoretical analysis and ultimately identified the factors influencing sideband harmonics.