The invention discloses a power generating device with voltage swell and voltage dip functions. A conventional VSG based on an inverter is advanced and flexible in controlling and can simulate a plurality of voltage faults, but only realizes voltage dip according to reports. The power generating device comprises a boosting transformer, a rectification unit, an inversion unit, an LC sine wave filter, an IGBT driving and protection circuit, a sampling circuit and a control unit, wherein the inversion unit is a three-phase PWM inverter, and the rectification unit is a three-phase uncontrolled rectifier bridge. The power generating device is flexible in controlling, accurate in output and rapid in dynamic response, can simulate the voltage swell/dip phenomena of a power grid stipulated in IEEE1159-1995 standard, and meets the test requirement on a frequency converter with high/low voltage crossing a support apparatus. The power generating device is also applicable to performance test and research of other electrical and electronic products when the voltage of a power grid is abnormal.