The invention provides an electromagnetic suspension system based on a wheel rim driven electric vehicle and a control method thereof. The electromagnetic suspension system comprises sprung mass, an elastic element, a shock absorber, a linear motor, a wheel motor, unsprung mass, an acceleration signal sensor, a displacement sensor A, a displacement sensor B and an ECU; the control method comprises three modes of a comfort mode, a safety mode and a comprehensive mode; and according to the electromagnetic suspension system based on the wheel rim driven electric vehicle and the control method thereof, coordination control of an inner ring and an outer ring is adopted, the inner ring control uses the PI control algorithm, the outer ring control adopts the LQG control algorithm, compared with single-loop control adopted by most researchers, a force tracking control method based on control of the LQG and the PI can use a feedback mechanism to track real-time motion state of a suspension better, and the target tracking force can be output more effectively to improve vibration of a vehicle body. At the same time, according to the electromagnetic suspension system based on the wheel rim driven electric vehicle and the control method thereof, a three-freedom-degree electromagnetic suspension model based on the wheel rim driven electric vehicle is established, the model structure is more complicated, considered factors are more, and the model can be applied to the modern electric vehicle and is in line with targets of energy conservation and emission reduction.