The compound balanced pump jack is added with the lower barbell rigid device on the base of the regular walking beam pump jack to make the reducer torsion change slowly. It achieves the energy saving effect through reducing the peak torsion, It also greatly improves the working condition of the pump jack, and increases the working capacity and prolonges the working life of equipments. Integrating all advantages of the regular walking beam pump jack, it has better performance, relibility, simple structure, and can be conveniently operated and repaired.