The invention discloses a voltage source type adjusting device. The voltage source type adjusting device comprises a circuit breaker, at least two compensation units and fast mechanical switches, wherein the number of the fast mechanical switches is equal to that of the compensation units. The fast mechanical switches are correspondingly connected with the compensation units in parallel, all the compensation units are connected in series and then connected with the circuit breaker in parallel, one end of the circuit breaker is connected with the power source side, and the other end of the circuit breaker is connected with the load side. The compensation unit comprises an energy storage unit, a power conversion unit, a filtering isolating unit and a solid state switch unit, the power conversion unit is formed by a power semiconductor device and used for converting direct currents into alternating currents, the direct current end of the power conversion unit is connected with the energy storage unit, the alternating current end is connected with the primary side of the filtering isolating unit, and the secondary side of the filtering isolating unit is connected with the solid state switch unit; the solid state switch unit comprises a power semiconductor device. The voltage source type adjusting device is convenient to expand and is high in reliability. The invention further discloses a control method of the voltage source type adjusting device.