The invention provides a multifunctional dual-motor redundancy brake system and a control method. The brake system mainly comprises a brake pedal assembly, a main electro-hydraulic servo brake assembly, an auxiliary electro-hydraulic servo brake assembly, a liquid storage tank, a parallel main cylinder, a brake main cylinder, a hydraulic adjusting unit and a brake set. The two sides of the main electro-hydraulic servo brake assembly are connected with the brake pedal and the parallel connection main cylinder respectively. The auxiliary electro-hydraulic servo assembly is connected with a brake master cylinder, and the mechanical assembly is provided with a self-locking mechanism and can achieve power-off locking. An oil outlet of the brake master cylinder is connected with two oil inlets of the parallel brake master cylinder through two loops respectively, and two oil outlets of the parallel brake master cylinder are connected with a left oil inlet and a right oil inlet of the pressure adjusting unit through the two loops respectively. According to the brake system, multiple working modes such as brake-by-wire brake with brake keeping, external request brake, brake energy recovery assistance and manpower backup brake can be achieved, multiple redundant brake modes are achieved, the brake requirement of a high-tonnage vehicle can be met, and the safety of the vehicle is improved.