The effect of frequency variation on system stability becomes crucial when a voltage source converter (VSC) is connected to a weak grid. However, previous studies lack enough mechanism cognitions of this effect, especially on the stability issues in DC voltage control (DVC) timescale (around 100 ms). Hence, this paper presented a thorough analysis of the effect mechanism of frequency variation on the weak grid-connected VSC system stability in a DVC timescale. Firstly, based on instantaneous power theory, a novel method in which the active/reactive powers are calculated with the time-varying frequency of voltage vectors was proposed. This method could intuitively reflect the effect of frequency variation on the active/reactive powers and could also help reduce the system order to a certain extent. Then, a small-signal model was established based on the motion equation concept, to depict the effect of frequency variation on the weak grid-connected VSC system dynamics. Furthermore, an analytical method was utilized to quantify the effect of frequency variation on the system’s small-signal stability. The quantitative analysis considered the interactions between the DC voltage control, the terminal voltage control, phase-locked loop, and the power network. Finally, case studies were conducted, and simulation results supported the analytical analyses.