The invention discloses a vessel shaft clasping type electric propulsion system and method. The vessel shaft clasping type electric propulsion system comprises a hollow shaft motor, a controller, a distribution panel, a remote controller, a main transmission shaft and a propeller, wherein the hollow shaft motor sleevs the main transmission shaft of the propeller to be under a shaft clasping condition; the remote controller, the hollow shaft motor and the distribution panel are all connected with the controller; the controller is arranged in a vessel propulsion cabin or other appropriate positions; and the remote controller is arranged in a vessel driving cabin or other appropriate positions. The propulsion method comprises the following steps that the hollow shaft motor is arranged on a conventional vessel diesel propulsion system to form a hybrid type vessel propulsion system. When a vessel sails at a high speed, a diesel engine in the conventional vessel diesel propulsion system is adopted as propulsion power, and when the vessel sails at a low speed, the hollow shaft motor is adopted for driving. According to the vessel shaft clasping type electric propulsion system disclosed bythe invention, the shaft clasping type electric propulsion system is introduced in a conventional diesel propulsion system of the current vessel to jointly form a vessel hybrid type propulsion system, so that special duty when the vessel sails at a low speed is well completed, and achieving the effects of being environmentally-friendly, damping and noise reducing is facilitated.