The invention provides a fault-tolerant instantaneous torque controlled asynchronous motor power generation system and a control method thereof. The fault-tolerant instantaneous torque controlled asynchronous motor power generation system comprises a main circuit, an initial excitation circuit, a detection circuit and a control circuit, wherein the main circuit comprises an asynchronous motor, a fault-tolerant converter, a first bus capacitor and a second bus capacitor; the fault-tolerant converter is composed of a three-phase bridge arm and a bidirectional thyristor; after the asynchronous motor power generation system is subjected to fault tolerance, a three-phase six-switch converter is turned into a two-phase four-switch converter; as long as a new optimal voltage vector selection table is redesigned according to the characteristics of the voltage vector of the two-phase four-switch converter, quick control of the instantaneous torque of the asynchronous motor power generation system can be continuously achieved, so that the asynchronous motor power generation system after being subjected to the fault tolerance keeps the advantages that the control algorithm is simple, the effect of motor parameters is less and the dynamic property is good. The fault-tolerant instantaneous torque controlled asynchronous motor power generation system is reasonable in design and simple in circuit structure, the cost increase is limited, and the working reliability of the asynchronous motor power generation system is greatly improved.