The invention provides a three-phase unbalance governor with a fault current limiting function, which comprises an annular transformer iron core, three groups of AC coupled coils and one group of auxiliary coil, wherein the three groups of AC coupled coils and the auxiliary coil are wound on the transformer iron core in the same winding direction; in the three groups of AC coupled coils, any one group of AC coupled coil is serially connected to one phase of line in a three-phase power grid, and any two groups of AC coupled coil are connected to different phases of lines in the three-phase power grid; and an IGBT-based voltage source converter or an anti-parallel thyristor is parallelly connected onto two ends of the auxiliary coil, and through the IGBT-based voltage source converter or the anti-parallel thyristor, current in the auxiliary coil is adjusted to suppress balance grounding fault in the circuit or compensate low/over voltage. Government is carried out effectively in view of fault and normal unbalance, the fault current limiting function is also realized, and the operation condition and the safety and the stability of the power grid are not influenced when no unbalance and short circuit fault exists in the power grid.