Power quality and neutral section are two technical problems that hinder the development of electrified railway to high-speed and heavy railway. The co-phase power supply technology is one of the best ways to solve these two technical problems. At present, a V type connection traction transformer is widely used in a power frequency single-phase AC traction power supply system, especially in high-speed railway. In this paper, a new type of co-phase power supply system for electrified railway based on V type connection traction transformer is proposed. One single-phase winding in the V type connection traction transformer is used as main power supply channel, and three ports are used as compensation ports. Neutral section is no longer set with traction substation, and the train is continuously powered through. The independent single-phase Static Var Generators (SVGs) are used to compensate the three-phase imbalance caused by single-phase traction load. When necessary, the power factor can be improved at the same time. The principle, structure, control strategy, and capacity configuration of the technical scheme are analyzed in this paper, and the effectiveness of the scheme is verified by using the measured data of electrified railway. The advantage of this scheme lies in the universal applicability of the V type connection traction transformer, and the flexibility of the SVG device.