The invention discloses an ultrathin vehicle-mounted magnetic suspension flywheel battery for an electric vehicle, and a working method thereof. A motor bracket, an axial magnetic flux motor, a flywheel, an inner stator of a five-degree-of-freedom magnetic bearing, a coil and a permanent magnet are coaxially arranged in a shell from top to bottom, and the flywheel consists of an upper layer, a middle layer and a lower layer which are continuous; an upper annular groove is formed in the middle of the upper annular layer of the upper flywheel, the axial flux motor is placed in the upper annular groove, and an annular inner groove, a middle annular cavity and a lower annular groove are communicated and jointly used for placing the inner stator, the coil and the permanent magnet of the five-degree-of-freedom magnetic bearing; and the five-degree-of-freedom magnetic bearing comprises an axial magnetic bearing, a repulsion magnetic bearing, a torsion magnetic bearing and a radial spherical magnetic bearing from inside to outside. The mode that magnetic bearings with different properties are reused is adopted, advantage complementation is achieved, the bearing capacity and control precision of magnetic bearing supporting can be improved, the stability of a flywheel is remarkably improved, and the problem that the loss of a control coil is large due to complex working conditions can be effectively solved.