The invention provides a method and device for realizing dynamic balance, energy saving and self-weight requirement reduction of a traction elevator. The device comprises an auxiliary traction device, a hydraulic energy storage device and an electric control device. According to the invention, the operating performance of the traction elevator is optimized through mutual transformation of gravitational potential energy and hydraulic energy and control of the speed and direction of energy conversion during the mutual transformation process; an energy storage device stores energy and releases energy to enable a pump motor to act on the traction elevator, and the magnitude and direction of an acting force are adjusted in real time according to the load and operating signals of the traction elevator to reduce the load difference between two ends of a traction wheel and realize dynamic balance of traction together with a counterweight; redundant gravitational potential energy is stored in the energy storage device to reduce the negative work a traction motor does in a third quadrant to reduce the energy consumption of the traction motor and realize the purpose of energy saving; and through auxiliary hydraulic drive, the requirement of maximum traction force is reduced so as to reduce the positive pressure required by the traction wheel to realize self-weight requirement reduction.