Ferroresonance is characterized by overvoltage and irregular operation in power systems, which can greatly endanger system equipment. Mechanism analysis of the ferroresonance phenomenon depends mainly on model accuracy. Due to the fractional-order characteristics of capacitance and inductance, fractional-order models are more universal and accurate than integer-order models. A typical 110 kV ferroresonance model is first established. The influence of the excitation amplitude on the dynamic behavior is analyzed. The fractional-order ferroresonance model is then introduced, and the effects of the fractional order and flux-chain order on the system’s motion state are studied via bifurcation diagrams and phase portraits. In order to suppress the nonlinear dynamic behavior of fractional-order ferroresonance systems, a novel fractional-order fast terminal sliding mode control method based on finite-time theory and the frequency distributed model is proposed. A new fractional-order sliding mode surface and control law using a saturation function are developed. A robust fractional-order sliding mode controller could achieve finite-time stabilization and tracking despite model uncertainties and external disturbances. Compared with conventional sliding mode methods, the simulation results highlight the effectiveness and superiority. The research provides a theoretical basis for ferroresonant analysis and suppression in large-scale interconnected power grids.