The invention relates to a safety control method for a vertical shaft grab bucket hoisting system and a control system of the safety control method. The method comprises the following steps: transmitting construction site images of the grab bucket hoisting system through a video monitoring device; in the video monitoring device, recording the construction site images through a video camera which operates together with a crown block by which the grab bucket hoisting system is driven, and transmitting the construction site images recorded by the video camera to a synview and a monitor sequentially through a video cable. Compared with the prior art, the safety control method and the control system thereof effectively solve the problem of safety hazard in the operation of a conventional grab bucket hoisting system, are low in manufacturing cost, are recyclable, are easy to maintain, provide adequate security for safe operation of the grab bucket hoisting system, effectively prevent accident, and guarantee safe and reliable operation of hoisting equipment, thereby being suitable for popularization and application in the fields of crane machinery in urban subway construction and other relative fields.