This invention relates to a 2-way DC convertor by phase shift of voltage regulation at one end and current stabilizing at the other plus PWM control and a control method, in which the 2-way DC converter includes a primary circuit, a switch control and a close-ring control, the primary circuit is composed of inductor L1, a switch tube S1 and serial branch 1, inductor L2, switch tube S2 and serial branch2, two auxiliary switch tubes Sa1 and Sa2, a clamp capacitor Cc and a composite branch 3, switch tubes S3 and S4 and serial branch 4, bleeder capacitor Ca and Cb, a serial branch 5 and an isolation transformer, the switch control circuit is composed of a phase shift control chip, a monostable trigger8 and a PWM control chip 9, the close ring control part is made up of a phase shift angle close ring control loop and a duty ratio close ring control loop, characterizing that: 1, suppressing the voltage peak of the tube, 2, reducing the circumfluence loss of the converter to guarantee the soft switch in the total load sphere, 3, the uncoupling control of the phase shift angle and the duty ratio realizes 2-way free flow of energies.