Abstract: An energy-saving traction-type elevator and an energy-saving method therefor are presented. The traction-type elevator includes at least one counterbalance unit, each counterbalance unit comprising a traction machine. The traction-type elevator further includes an automatic transmission, a hoist-type lifting mechanism, a power-generating electric motor, and a controller provided in a machine room, and a car, a fixed counterweight and a balancing counterbalance provided in an elevator shaft. The energy-saving method applies the principle of moment balance, whereby adding a separate elevator balancing counterbalance to achieve intelligent counterbalancing of the elevator so that the elevator achieves relative balance, thereby reducing the traction moment and rate of work of the traction machine. When the potential energy of the elevator balancing counter-balance builds up to a high position, the power-generating electric motor can perform centralized power generation, aiding in energy recovery and use.