The traction system is the power source of high-speed maglev trains, and the performance of the traction power supply and control system affects the maximum speed, stability, and comfort of the train. This article systematically reviews the development history and latest research progress of traction power supply and control technologies for high-speed maglev transportation in China and abroad. In addition, the characteristics of mature traction power supply and control technologies such as German electromagnetic suspension (EMS) maglev, Japanese superconducting maglev, and Chinese EMS maglev transportation are analyzed. To meet the operation requirements of 600 km/h EMS high-speed maglev trains, it is necessary to conduct in-depth research on how to make the traction power supply and control system provide greater and more stable traction and braking force and improve the efficiency of traction power supply. Efforts should be concentrated on tackling challenges of long-term vehicle stability and comfort to multi-port and high-power traction system control and key issues such as intelligent perception and reliability improvement of health status throughout the entire lifecycle, so as to achieve full-speed range energy efficiency improvement. It is recommended to rely on the renovation and upgrading of the Shanghai Maglev Train Demonstration Operation Line, break through the engineering design, manufacturing, and intelligent operation and maintenance technologies of the traction system, and build a Chinese independent and controllable traction system test platform, providing Chinese solutions for traction power supply and control technologies.