A stability control system for an engineering machine and a control method are provided. The stability control system includes a detection device (1), a control device (2) and an alarm device (3). The detection device (1) detects the current center-of-gravity positions of each component of the engineering machine to obtain the center-of-gravity position signals of each component and transmits the center-of-gravity position signals to the control device (2). The control device (2) receives the center-of-gravity position signals from the detection device (1), calculates the center-of-gravity position of the engineering machine according to a center-of-gravity calculation strategy, and compares it with a preset balance range. The control device (2) controls the alarm device (3) for warning when the center-of-gravity position of the engineering machine exceeds the balance range. The stability control system adopts a brand new method to control the stability of the engineering machine in working process, and has higher control precision. An engineering machine comprising the above stability control system is also provided.