The VSC-DC distribution system has become an important trend for development of the smart grid because of its advantages. Analysis of overvoltage and overcurrent in typical faults and their protection methods is a key aspect. Because the loads connected to the VSC-DC distribution system have characteristics of fluctuation and intermittence, this paper studies the influence of load fluctuation on overvoltage and overcurrent of a ±10 kV two-terminal VSC-DC distribution system. The generation mechanism and influencing factors of overvoltage and overcurrent under fault and the influence of load fluctuation on overvoltage and overcurrent are analyzed, and the equivalent modeling method of loads for subsequent research is proposed. First, according to the topology of a two-terminal VSC-DC distribution system, a simulation model is established in PSCAD/EMTDC. Secondly, according to the topological structure of the plug-in devices, the generation mechanism and influencing factors of overvoltage and overcurrent under pole-to-ground fault and pole-to-pole fault at the line side of the plug-in devices, as well as the influence of load fluctuation on over-voltage and overcurrent are analyzed theoretically. Finally, the influence of different load fluctuation modes on overvoltage and overcurrent under pole-to-ground fault and pole-to-pole fault at the line side of the plug-in devices is verified by simulation, and an equivalent load modeling method is proposed. This work is supported by National Natural Science Foundation of China (No. 51807068).