The transmission capacity of a single high-voltage cable can no longer meet the ever-increasing load demand, necessitating the use of parallel cables to enhance transmission capacity. However, the complex electromagnetic coupling and inherent impedance asymmetry among parallel cables result in uneven current distribution, leading to issues such as insulation aging and thermal breakdown, which severely compromise the safety of parallel cable transmission systems. To address this issue, this paper first analyzes two primary causes of current imbalance in parallel cable circuits: differing cable impedance values and electromagnetic coupling. Building upon this analysis, a magnetic decoupling dynamic compensation method is proposed. This method involves installing magnetic shielding around the parallel cables to suppress electromagnetic coupling. Finally, finite element simulation is employed to verify that the proposed magnetic decoupling dynamic compensation method exhibits both rapid response and an effective suppression effect on current imbalance in parallel cable transmission lines.