The invention discloses a worm type water-cooled cold water chiller and a control method. The worm type water-cooled cold water chiller is composed of a chassis, a compressor, a condenser, an electronic expansion valve, a drying filter, an evaporator, an electric cabinet, refrigeration accessories and connecting pipelines which are arranged on the chassis. The method adopts current control, a mutual inductor is arranged between a main power supply and the compressor for acquiring current data, a control module is arranged between the mutual inductor and the compressor, the mutual inductor acquires the current value output from the main power supply to the compressor in real time when the compressor operates and then transfers the acquired current value to the control module, the control module compares the current measured value acquired by the mutual inductor with a theoretic value and outputs a load increase/decrease signal to the compressor based on the comparing result so as to adjust and control the work load of the compressor. The worm type water-cooled cold water chiller has a great improvement on applications, properties and functions and can satisfy use requirements of current customers.