The invention discloses a coin storing and exchanging machine and a control method thereof. The coin storing and exchanging machine comprises a coin inlet baffle, an inputting unit, a baffle locking unit and a control unit, wherein the coin inlet baffle is used for closing or opening a coin inlet; the coin inlet is closed when the coin inlet baffle is positioned at a closing position and is opened when the coin inlet baffle is positioned at an opening position; the inputting unit is used for a user to input a control command; the baffle locking unit is used for locking and unlocking the coin inlet baffle; and the control unit is used for controlling the baffle locking unit to unlock the coin inlet baffle when receiving a coin storing command or a coin-to-paper-money exchanging command inputted by the user and is used for controlling the baffle locking unit to lock the coin inlet baffle after receiving a coin feeding finishing control command. The coin inlet baffle is locked when the coin storing and exchanging machine is not in a coin feeding state, the coin inlet baffle cannot be opened randomly, is unlocked and can be opened when the coin storing and exchanging machine is in the coin feeding state, and the safety of the coin storing and exchanging machine is improved.