The present invention discloses a harmonic dynamic treating and reactive dynamic compensation composite control method and the realizing device, wherein, the realizing device comprises a main device and a control device. The main device comprises a HAPF, a SVC which is composed of a mechanical switching capacitor set that is Y-shape connected and a thyristor control reactor that is delta connected. The control device comprises a voltage and current mutual inductor which are accessed into the sampling module, and a DSP controller, an industrial controlling device, a communication module, a MSC logic control circuit, a RCR admittance-angle calculating module, a PWM signal generating module, and light end transmitter, a light end receiver, and MSC, TCR and HAPF which are lastly accessed into the main device with the insulating and power amplifying circuit. The invention executes dynamic coordination control to the hybrid active electric power wave filter and static reactive compensator, has excellent dynamic and static properties and robustness, and better adaptability.