A robot balance control method as well as a robot using the same and a computer readable storage medium are provided. In the method, a brand new flywheel model different from the existing flywheel model is created. In this flywheel model, the foot of the support leg of the robot is equivalent to the massless link of the flywheel model, while rest parts of the robot are equivalent to the flywheel of the flywheel model. Compared with the various models in the prior art, this flywheel model is more in line with the actual situation of the robot during the monoped supporting period. By controlling the posture of the foot of the support leg based on this flywheel model, a better balance effect can be achieved, which avoids the overturning of the robot.