The invention relates to a two-phase hollow-core compensation pulse generator and a method for realizing pulse discharge, and aims to solve the problem that the rotating speed of the conventional hollow-core compensation pulse generator is restricted by the output current pulse width. According to the two-phase hollow-core compensation pulse generator, a stator armature winding adopts a two-phase structure, the electrical angles of the two-phase winding are orthogonally arranged, the output current of each phase is relatively independent, the two phases are parallelly connected and superposed through respective rectifiers and then output pulse currents to a load, and the pulse width is not limited by the semi-period of a motor; during discharging, an excitation winding induces the current to compensate the armature winding, so that the internal inductance of the motor is reduced, and the amplitude of the pulse current is increased; and free components of a load current are eliminated by controlling a triggering angle, and an ideal trapezoidal wave pulse current is output. The two-phase hollow-core compensation pulse generator is used for outputting the pulse current.