The invention relates to the field of intelligent electric vehicle two-way charging equipment, in particular to an electric vehicle and power grid two-way interaction technology-based V2G charging and discharging device with a reactive power compensation function. The V2G charging and discharging device with the reactive power compensation function comprises a shell, a reversible PWM converter, a protection circuit, a two-way DC/DC converter, a controller, an AC power distribution circuit, a DC power distribution circuit and a rectifier circuit, wherein the reversible PWM converter, the protection circuit, the two-way DC/DC converter, the controller, the AC power distribution circuit, the DC power distribution circuit and the rectifier circuit are arranged in the shell; the reversible PWM converter is connected with the two-way DC/DC converter through the protection circuit; a drive signal of the controller is connected with input ends of the reversible PWM converter and the two-way DC/DC converter separately; the reversible PWM converter is connected with a power grid through the AC power distribution circuit; and the two-way DC/DC converter is connected with a battery through the DC power distribution circuit; and the AC power distribution circuit is connected with the DC power distribution circuit through the rectifier circuit.