To improve the current tracking ability of parallel Shunt Active Power Filter (SAPF), a current tracking control algorithm based on Space Vector Pulse-Width Modulation (SVPWM) is proposed. The reference instruction of SAPF is the current value, but the reference instruction of SVPWM is the voltage value, so based on the internal relationship between the current and voltage, the control algorithm of SVPWM is combined with the reference current of SAPF, and by changing the modulation way of the SVPWM, the switching frequency of power device is decreased, which can reduce the switching loss and improve the control performance. By constructing the Lyapunov function, the stability of SAPF controlled by the SVPWM is analyzed. Simulation and tests show that the algorithm is simple, it can track the instruction current well, the real-time control of SAPF can be realized, and it has good harmonic comparison results. The compensation results of SAPF under the load disturbance prove the correctness of the analysis of this paper on the stability of SAPF controlled by the SVPWM.