An object of the present invention is to provide an energy saving traction elevator and an energy saving method thereof. The present invention discloses an energy saving traction type elevator and an energy saving method thereof. The traction type elevator includes at least one counterbalance unit, and each counterbalance unit is provided in a machine room, a traction machine (12), an automatic transmission (11), a hoisting type hoisting mechanism (9), A generator motor (6), a controller (7), a car (14) provided in the elevator hoistway, a fixed counterweight (13), and a counterweight (14) are included. The energy saving method of the traction type elevator uses the torque balance principle, realizes an intelligent counterbalance of the elevator through an increase in the counterweight of the independent elevator, and balances relative to the elevator. Winding torque and power can be reduced. When the potential energy of the elevator counterweight is accumulated at a relatively high position, centralized power generation can be achieved through the generator motor, which helps to recover and use the energy. Effective energy saving and traction machine life extension is achieved through the accumulation, release and recovery of potential energy. [Selection] Figure 1
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