The invention relates to a speed regulation technology for an oil pumping unit, in particular to a hovering speed regulation technology for an oil pumping unit. The hovering speed regulation technology for the oil pumping unit, which is provided by the invention, can be used for slowing down and stopping the oil pumping unit by using a bidirectional controllable circuit for switching off the AC power source of an oil pumping motor before the oil pumping unit operates to the highest position of potential energy. A bidirectional thyristor (1) and a controllable rectifying circuit (2) are used for carrying out AC and DC mixed control on a motor (3) of the oil pumping unit. The characteristic of moment unbalance of the oil pumping unit is used for enabling the moving part of the oil pumping unit to stop in the high position of gravitational potential energy in a short time. After a certain delay, the conversion principle of gravitational potential energy and mechanical kinetic energy is used for realizing the purpose of starting the oil pumping unit with light loads, thereby performing the action of regulating the frequency of stroke of the oil pumping unit. The speed regulation method has simple structure and can realize the purpose of regulating the speed of the oil pumping unit without changing the oil pumping unit and the motor. The speed regulation method has less investment,wide speed regulation range and obvious energy-saving effect and is suitable for various types of linear oil pumping units.