The invention relates to a low wind speed high power magnetic suspension vertical shaft wind turbine and a control method thereof, belonging to the field of wind power. The wind turbine comprises a permanent magnet direct-drive wind turbine, a magnetic suspension disc motor, a wind wheel, an air gap sensor, an upper end bearing, a lower end bearing, a shell, a tower, a converter system, a contactor and energy storage equipment and the like. The converter system includes machine-side converter, grid-side converter and suspension converter. When the wind speed is less than the rated wind speed,the suspension converter performs suspension control to make the rotor of the wind turbine set rise to and maintain the suspension balance point. The machine-side converter performs MPPT control on the permanent magnet direct drive generator, and the grid-side converter realizes grid connection. When the wind speed is higher than the rated wind speed and lower than the cut-out wind speed, the suspension converter implements rotational damping control, and the machine-side converter implements constant power control for the permanent magnet direct drive generator. The invention has ingenious structure, simple and convenient control and high wind energy utilization rate, can realize low wind speed starting and high power output, and is especially suitable for weak wind type wind farms.