The present invention has disclosed a variable speed tool and a variable speed control method. The tool includes a switch; a gearbox housing; a motor; an outputting shaft; a multistage transmitting gear train and a gearshift ring which are mated with the motor and the outputting shaft, the gearshift ring having inner teeth; a gearshift fork mated with the gearshift ring; a tension spring arranged between the gearbox housing and the gearshift fork; and a torque sensing ring provided with a sliding groove in which the gearshift fork is movably disposed. When the load of the outputting shaft has reached to a predetermined value, the torque sensing ring makes the gearshift fork move axially in the sliding groove under the action of the tension spring, thus bringing the gearshift ring to move axially. The variable speed tool of the present invention may automatically adjust the rotating speed and the torque of the outputting shaft according to a variation of the load torque.