The invention provides a two-wheel monorail vehicle and a balance control method thereof. A front wheel and a rear wheel of the vehicle are each provided with a steering and driving motor; an embeddedcomputer in the vehicle calculates and outputs corrected motor drive signals to a motor drive subsystem according to the vehicle running state and the driving target data input by a user, and the motor drive subsystem drives a front and back wheel steering motor, the front and rear wheel driving motors and the front and back wheels installed on the vehicle to brake, so that the two-wheel steeringmonorail vehicle reaches the dynamic balance state, and driving is planned according to the driving target data.