The present invention discloses a two-phase orthogonal inversion power source control method enabling a delay compensation function. According to the method, an iterative learning algorithm is added to the feedback control link of current; the quick compensation output of the current can be realized through repeatedly applying information obtained in previous experiments, and therefore, the response performance of the output alternating current of a PWM inverter can be improved, and control quality can be also improved; as for a condition that the delay of a control system influences output current dynamic tracking performance and the stability of a system, a Smith predictor is introduced to eliminate the delay influence of the control system; and in fact, the Smith predictor estimates a lag link and makes appropriate compensation, so that a closed-loop characteristic equation does not contain the lag link, thus the dynamic characteristic and stability of the system can be improved. The control method of the present invention can significantly improve the stability and response speed of a system as for electromagnetic stirring which requires frequent positive and negative rotation alternation.