The invention discloses an ultra-deep vertical shaft hoist steel wire rope tension balancing system and method. The tension balancing system comprises a servo hydraulic cylinder (3), a hoisting container (6), an oil tank (7), a variable plunger pump (12), a two-position three-way electromagnetic directional valve (16), a proportional direction valve (17), a two-position two-way electromagnetic directional valve (19) and a tension initiative and passive adjusting switching controller. Working states of the tension balancing system comprise an initiative adjusting state and a passive adjusting state, and the tension initiative and passive adjusting switching controller is used for controlling the system to achieve seamless switching between the two states. The ultra-deep vertical shaft hoist steel wire rope tension balancing system has the advantages of initiative adjusting and passive adjusting, manual involvement is reduced, certain unnecessary accidents are avoided, the real-time performance of adjustment is improved, time is saved, the production efficiency is improved, and great significance on the production of a mine is achieved.