The invention discloses a load adjustment and control method for an electric power system. The load adjustment and control method is used for storing energy through trough electricity in electricity utilization troughs of an electric power grid, and generating electricity in electricity utilization crests, thus adjusting and controlling the crests and the troughs of the electric power grid, wherein a heat exchange device is arranged in an air energy storage tank, and a position of a heat exchange pipeline in the heat exchange device can be changed according to the changes of a water level of the air energy storage tank in an energy storage phase of the electricity utilization troughs, thus the influence of volatilization of stored water due to warming of compressed air on the subsequent components of an electricity generation system is avoided.