The invention discloses a static reactive compensation system for far-end compensation and a control method of the system. The system comprises a near-end static reactive compensation device, a far-end measuring unit and a communication unit; the near-end static reactive compensation device comprises a control unit, an execution unit and a near-end measuring unit; the far-end measuring unit is configured in a far-end power system, and is used to detect the voltage and current of a target side of far-end reactive control; the communication unit comprises a near-end communication unit and a far-end communication unit connected with the near-end communication unit via a communication channel; and a measuring value of the far-end measuring unit is transmitted to the control unit of the near-end static reactive compensation device via the far-end communication unit and the near-end communication unit, and the control unit carries out calculation according to the transmitted measuring value of the far-end system, and then issues a control command to the execution unit of the near-end static reactive compensation device. Thus, the problem that the far-end system is incapable of accurate compensation is solved effectively, a power factor of the far-end system is improved, and the practicality of the static reactive compensation system is improved greatly.