Reactive power limit of power system is one of the major causes of voltage instability. The only way to save the system from voltage instability is to reduce the reactive power load or add additional reactive power to reaching the point of voltage collapse. In recent times, the application of FACTS devices is a very effective solution to prevent voltage instability due to their fast and very flexible control. In this paper, voltage stability assessment with SVC and TCSC devices is investigated and compared in the modified IEEE 30-bus test system. The fast voltage stability indicator (FVSI) is used to identify weakest bus and to assess the voltage stability of power system.