The invention discloses a self-service leasing system of shared umbrellas and an umbrella borrowing and returning method thereof. According to existing shared umbrella racks which adopt complex electromechanical control systems, motors are enabled frequently, and the electric consumption is large. The self-service leasing system of the shared umbrellas includes a shared umbrella storage rack and shared umbrellas. Each shared umbrella includes an umbrella body and an electronic tag. The shared umbrella storage rack includes an umbrella taking and returning device, a malfunctional umbrella device, a controller, two-dimensional code tags, a malfunctional umbrella card reader, an umbrella returning card reader and a rack body. The umbrella taking and returning device consists of an umbrella returning gate, an umbrella taking gate and a shared umbrella track. The malfunctional umbrella device includes a malfunctional umbrella gate and a malfunctional umbrella storage track. The umbrella returning gate, the umbrella taking gate and the malfunctional umbrella gate all include gate shafts, corner sensors and locking assemblies. Each locking assembly includes electromagnetic iron and push-pull locking blocks. According to the self-service leasing system of the shared umbrellas and the umbrella borrowing and returning method thereof, during one process of taking and returning an umbrella, the electromagnetic iron is powered on for a short time, and the electric consumption of the gates is small.