The invention discloses a magnetically-controlled static var compensator, which mainly solves the defects that in the prior art, the existing reactive compensation is stepped and low in accuracy, and cannot provide inductive reactive power or capacitive reactive power synchronously; the switching operation is frequent; the higher requirements of the electrical power system and users cannot be met. The magnetically-controlled static var compensator comprises a digital signal processor, a power supply, a capacitor bank or a filter bank, a keyboard, a liquid crystal displayer, a programmable logic controller, a reactive compensation unit, CSR (Controllable Shunt Reactors), and an AD (Analog-to-Digital) sampling circuit, wherein the output ends of the power supply, the capacitor bank or the filter bank and the keyboard are all connected with the digital signal processor; the input ends of the liquid crystal displayer, the programmable logic controller and the reactive compensator are all connected with the digital signal processor; the controllable shunt reactors are connected with the reactive compensation unit and the programmable logic controller; the input end of the AD sampling circuit is connected with the controllable shunt reactors, while the output end is connected with the digital signal processor. By virtue of the scheme, the magnetically-controlled static var compensator can reach the target of high cost performance and meet the actual demand, and is of high practical value and promotion value.