A work vehicle includes a drive source, a travel device, a hydraulic pump, a work implement, a traction force detector, a lift force detector and a controller. The traction force detector is configured to detect traction force of the work vehicle. The lift force detector is configured to detect lift force for raising the work implement. The controller is configured to compare a predetermined threshold and a ratio between the lift force and the traction force, and to execute traction force reduction control for reducing the traction force when an increase in the lift force is required.