A power generating system including a stator, a neutral line, a rectifier circuit and a power conversion circuit is provided. The stator has a plurality of phase coils configured to provide an AC power. The neutral line is coupled to a common point of the phase coils. The rectifier circuit is coupled between the phase coils and a power bus and is configured to convert the AC power to provide a DC power to the power bus. The power conversion circuit is coupled between the neutral line and the power bus, and is controlled by a control signal to convert a power of the neutral line and thereby provide a compensation power to the power bus to stabilize a voltage of the power bus. Alternatively, the power conversion circuit is controlled by the control signal to recuperate a power passing through a part of the rectifier circuit to the stator.