A fault ride-through circuit with a variable frequency transformer (VFT) and a control method thereof are provided, and the control method comprises: pretreating acquired voltages of grids, a voltage of a stator interface and a voltage of a rotor interface to obtain a rotor voltage DC component and a rotor voltage DC component; testing and treating a voltage frequency of a first grid and a voltage frequency of a second grid; carrying out a reference voltage calculation for a stator voltage DC component, a rotor voltage DC component, the voltage frequencies of the first grid and the second grid to obtain a positive voltage reference value of the first PWM convertor and the second PWM convertor; and processing the voltage reference values to obtain the switch signals for controlling the first PWM convertor and the second PWM convertor.