The invention discloses a compound power cold water device and a compound power cold water device control method. The compound power cold water device is characterized in that the device comprises a heat power generating set and a cold water set, the heat power generating set comprises an engine and an electric generator which are connected through a transmission shaft, the cold water set comprises a motor, a compressor, an evaporator and a condenser, the evaporator is connected with an air suction pipe of the compressor, the condenser is connected with an exhaust pipe of the compressor and used for producing cold water, the electric generator, the engine, the motor and the compressor are sequentially, directly and serially connected, a transmission shaft of the compressor is connected with a transmission shaft of the motor, two ends of the engine and the motor are provided with the transmission shafts which extend outwards, and the transmission shaft of the engine and the transmissionshaft of the motor are connected through a connecting shaft device. According to the compound power cold water device and the control method thereof, by the aid of electric power and fuel, advantagesof the electric power and the fuel are complemented, various running modes are achieved, energy utilization efficiency is high, and the device has remarkable economic benefits and social benefits.