The invention provides an energy storage system which comprises a controller, a main circuit, a push-pull converter, a cycloconverter, a filter inductor and a sampling circuit. The controller is used for controlling the generation of an SVPWM (Space Vector Pulse Width Modulation) signal and a PWM (Pulse Width Modulation) signal to obtain a discrete SVPWM signal, the main circuit comprises an energy storage device for storing and releasing electric energy, the push-pull converter comprises a high-frequency transformer and is boosted by adopting the high-frequency transformer to electrically isolate the input from the output of the energy storage system, the cycloconverter is used for converting a high-frequency alternating voltage into a power frequency alternating voltage, the filter inductor is used for filtering a grid current, and the sampling circuit is used for acquiring a voltage and a current of an external circuit. The energy storage system can generate discrete pulse-type SVPWM and has the advantages of higher utilization rate of the bus voltage, low total harmonic content and wide scope of application. The invention also provides a control method of the energy storage system.