The invention relates to a low-voltage ride-through control method and apparatus. A total current instruction value is generated by summation of a current instruction value which is obtained by difference between a high-voltage side voltage reference value and a high-voltage side actual positive sequence voltage of a power grid, and a current instruction value which is obtained by difference between an SVG side voltage reference value and an SVG side actual positive sequence voltage; then a difference value between the total current instruction value and the actual positive sequence current is obtained; and PWM modulation wave is generated through a regulator. When the power grid falls off, a control strategy in combination with high-voltage side voltage control and SVG side voltage control is rapidly switched, so as to realize rapid reactive compensation; and therefore, it is ensured that transient state impact current is low at the falling-off moment of the voltage, and SVG side voltage tracking failure also can be avoided.