The invention discloses a lifting plug valve and a control method thereof. The lifting plug valve comprises a valve body, a plug, a lower cover, a valve rod, a bonnet, a filling gland, a lower transmission sleeve, a limit block, a transmission rod, a hand wheel, a round nut, a bearing cover, a bearing, a support outer casing, a guide sleeve, a guide roller, an upper transmission sleeve, a front seat ring, a rear seat ring, a spring seat, a butterfly spring, a valve seat seal ring and the like. The lifting plug valve is applicable to pipes with special purposes of high-temperature resistance, high-pressure resistance, abrasion resistance, scouring resistance and the like, in particular to granular medium pipes. By means of the lifting plug valve and the control method thereof, for the lifting and rotation of the plug, the coherent operation of 'lifting-rotation-sluice lowering' is achieved in one-time continuous rotation, an inner thread insert and thread structure achieves motion transformation when the linear motion is transformed into the rotation motion. Meanwhile, a valve seat is of a split telescopic valve seat structure, so that the function of preventing media entering a valve cavity during seal pair separation is fulfilled.