Vertical displacement instability (VDI) of elongated plasma in tokamak is investigated. It is shown that the fast oscillating component of VDI is stabilized by the eddy current induced in the conductors surrounding the plasma while the slow shift of VDI should be controlled by an active stabilizing system. A dynamically stabilizing method is proposed in this paper. This new method is feasible physically and simple technically with both lower power requirement and favorable frequency effect.