The invention relates to a vertical axis suspension permanent magnet wind generator and a control method of the vertical axis suspension permanent magnet wind generator and belongs to the field of wind power. The wind generator comprises a rotor, a stator, a shell, a tower cylinder, a base, a damping brake system, a suspension system, a wind collection drive system and a control system. The stator comprises a stator core and a three-phase winding. The periphery of the tower cylinder is sleeved with the stator, and the stator and the tower cylinder are fixed. The rotor comprises a rotor core and a permanent magnet, and the outer side of the stator is sleeved with the rotor. The suspension system is an electromagnet and permanent magnet mixed suspension system. The wind collection drive system comprises transverse supports, longitudinal supports, blades and sleeves. The transverse supports and the longitudinal supports are fixed to the rotor and the shell. The control system obtains the suspension current given value according to the difference of the air gap length set value and the air gap real-time measurement value to control the suspension air gap, and the stable power generation of an engine is guaranteed. The vertical axis suspension permanent magnet wind generator is ingenious in structure, easy to control, easy and convenient to mount and maintain, high in wind energy utilization rate and capable of achieving the low-wind-speed start and large-power output.