The invention provides a power system frequency and voltage coordination correction method based on model predictive control. The method comprises the following steps of step 1, predicting a system reference responding trajectory of a current prediction period according to system operation data at an initial moment of the current prediction period of an electric power system, and calculating trajectory sensitivity by using a numerical method and a direct method; step 2, determining a frequency and voltage coordination optimization model according to the trajectory sensitivity, a control set, adesired trajectory and a simplified constraint condition; step 3, solving deterministic control quantity of the frequency and voltage coordination optimization model, and inputting the control quantity at the initial moment of the next prediction period; and step 4, judging whether the voltage and the frequency of the power system are restored to the steady-state operation level or not, if yes, ending, and otherwise returning to the step 1. According to the method, the optimization efficiency is improved, a possibility of no solution is reduced, the closed-loop coordination control is carriedout on the frequency and the voltage, and the capability of frequency and voltage stability analysis and decision of electric power system dispatching operation personnel is improved.