To solve the problem of negative-sequence and reactive power in electrified railway, this paper proposes a comprehensive compensation method based on V/v transformers and electromagnetic single-phase var compensator (ESVC) for co-phase power supply. First, based on the principles of static var generator (SVG) and single-phase rotary phase shifting transformer (SRPST), the topology and model of ESVC have been established, and the compensation mechanism has been analyzed. Second, the topological structure and mathematical model of co-phase power comprehensive compensation device (CPCD) are put forward based on the principles of V/v transformers and ESVC, and the operation mode of CPCD in multiple scenarios is designed. Then the strategy of CPCD with double closed loop control is analyzed: corresponding compensation mode is selected according to negative-sequence unbalance degree and expected power factor value. In this strategy, the compensated current output by ESVC is taken as the quantity of external loop control, and the rotation angle of ESVC is taken as the quantity of internal loop control to realize double-closed loop control of CPCD. Finally, the comprehensive CPCD compensation model is built on the simulation platform and validated the accuracy of the mathematical model and the effectiveness of the control strategy.