The efficacy of long-distance and bulk power transmission largely depends on the efficient control and reliable operation of a multiterminal high-voltage direct current (MT-HVdc) grid, more precisely, a meshed HVdc grid. The capability of enduring the dc grid fault eventually enhances the reliability and improves the dynamic performance of the grid. This article investigates the operation and control of an AC/multiterminal dc (MTDC) system with bipolar topology incorporating the dc grid protection schemes. Based on the scale of a circuit breaker's operating time, the performance of three different protection strategies is compared and analyzed using DIgSILENT PowerFactory. Simulation results explicitly reveal that the dynamic performance of the MTDC grid significantly deteriorates with the slow functioning of the protection schemes, followed by a dc grid fault. Besides, prolonged recovery time causes a substantial loss of power infeed and affects the ac/dc grid's stability. Finally, to assess the frailty of the MTDC grid, a transient energy stability index is proposed considering the voltage variation in the prestate and poststate fault clearing interval. Relevant case studies are performed on the MTDC grid using an analytical approach and nonlinear simulation studies to validate the effectiveness of the proposed index.