The invention discloses a pendulum eddy current tuned mass damper and a method for achieving structure vibration reduction and relates to the technical field of structure vibration reduction. Two bearings are fixed to the bottom of a top plate of a damper body, and the inner rings of the two bearings are connected through a horizontal rotating shaft. An oscillating bar is vertically arranged below the rotating shaft, the top of the oscillating bar is connected with the rotating shaft, a mass block is welded to the bottom of the oscillating bar, a plurality of permanent magnets are embedded in the two side faces, facing a front plate and a rear plate, of the mass block, and eddy current plates are arranged at the parts, corresponding to the mass block, of the front plate and the rear plate. Springs capable of vertically moving along the oscillating bar are arranged on the left side and the right side of the oscillating bar, and stepless regulation of the frequency of the damper can be achieved by regulating the distance between the springs and the rotating shaft. According to the damper, the moving state of the mass block is stable, the energy consumption mode is reliable, the frequency regulating range is large, and the damper can adapt to medium and high natural vibration frequency.