With the global trend of carbon reduction, high-speed maglevs are going to use a large percentage of the electricity generated from renewable energy. However, the fluctuating characteristics of renewable energy can cause voltage disturbance in the traction power system, but high-speed maglevs have high requirements for power quality. This paper presents a novel scheme of a high-speed maglev power system using superconducting magnetic energy storage (SMES) and distributed renewable energy. It aims to solve the voltage sag caused by renewable energy and achieve smooth power interaction between the traction power system and maglevs. The working principle of the SMES power compensation system for topology and the control strategy were analyzed. A maglev train traction power supply model was established, and the results show that SMES effectively alleviated voltage sag, responded rapidly to the power demand during maglev acceleration and braking, and maintained voltage stability. In our case study of a 10 MW high-speed maglev traction power system, the SMES system could output/absorb power to compensate for sudden changes within 10 ms, stabilizing the DC bus voltage with fluctuations of less than 0.8%. Overall, the novel SMES power compensation system is expected to become a promising solution for high-speed maglevs to overcome the power quality issues from renewable energy.