Aiming at the problem that the interaction between the source-side converter and the load-side converter easily causes system oscillation and system instability in the DC distribution system, this paper designs a phase compensation control link for the source-side converter in the master-slave control mode. Firstly, the impedance models of the source and load subsystems of the DC power distribution system are established, and the negative damping characteristics of the output impedance of the source converter are analyzed as an important cause of system oscillation. Then, the corresponding compensation control link is designed to realize the phase compensation of the output impedance of the source side converter. The compensated impedance is positively damped in the whole frequency band, and the phase difference of the impedance intersection is reduced, thus improving the system’s stability. The introduced compensation link is further reduced and simplified to facilitate practical engineering application. Finally, the effectiveness of the designed compensation link is verified by simulation and hardware-in-the-loop experiments.