A downhole power generation system is disclosed, which includes a turbine generator system. The turbine generator system includes a turbine, a generator coupled with the turbine and having an AC-DC rectifier, and an optimized power control unit. The turbine is driven by flow of a downhole fluid to rotate. The generator converts rotational energy from the turbine to electrical energy and outputting a direct current voltage. The turbine generator system is coupled to a load via the optimized power control unit. The optimized power control unit controls to regulate an output voltage of the generator and provides a regulated output voltage to the load so that the turbine generator system has an optimized power output. An optimized power control method for a downhole power generation system is also disclosed.