The present invention provides a series compensator and a control method. The series compensator includes a series transformer, a series transformer bypass device, a voltage source converter, a high-speed converter bypass device, a high-speed switch, and a reactor. The reactor and the high-speed switch are connected in parallel to form a current limiting module; one winding of the series transformer has two ends connected in series to a line, and the other winding thereof is sequentially connected to the current limiting module and the high-speed converter bypass device; the voltage source converter and the high-speed converter bypass device are connected in parallel; and at least one winding of the series transformer are connected in parallel to at least one series transformer bypass device. The series compensator of the present invention indirectly provides the current limiting module, so as to effectively limit the short-circuit current of a system, reduce the fault current to which the compensator is subjected, and improve the reliability of an alternating current system and the series compensator. Moreover, the current limiting module has a low voltage level, and the high-speed switch has a small breaking current, thereby providing good industrial applicability.