Provided is a hybrid electromagnetic suspension capable of self-powering and a control method thereof. The hybrid electromagnetic suspension includes an integrated structure of linear motor and cylinder block of equivalent hydraulic damper, a suspension spring, a connecting pipeline, a hydraulic rectifier bridge, an accumulator, a hydraulic motor and a rotary motor. The upper and lower chambers of the working cylinder, the lower chamber of working cylinder and oil storage cylinder are connected through the hydraulic rectifier bridge and the pipeline. The control has three modes including passive mode, semi-active mode and active mode. The ECU detects the road level according to the received sensor signal, and switches to the corresponding mode to control the suspension according to obtained road level, so as to obtain the optimal suspension performance under each road level. In the device of the invention, the linear motor and the equivalent hydraulic damper recover the vibration energy together in the case of good road condition; the linear motor and the equivalent hydraulic damper attenuate the suspension vibration together in the case of poor road surface, and at the same time the equivalent hydraulic damper also recovers the vibration energy, thus the self-powering can be realized.