In the ultrasonic welding system, the ultrasonic power supply drives the piezoelectric transducer to work in the resonant state to realize the conversion of electrical energy into mechanical energy. In order to obtain stable ultrasonic energy and ensure welding quality, this paper designs a driving power supply based on an improved LC matching network with two functions, frequency tracking and power regulation. First, in order to analyze the dynamic branch of the piezoelectric transducer, we propose an improved LC matching network, in which three voltage RMS values are used to analyze the dynamic branch and discriminate the series resonant frequency. Further, the driving power system is designed using the three RMS voltage values as feedback. A fuzzy control method is used for frequency tracking. The double closed-loop control method of the power outer loop and the current inner loop is used for power regulation. Through MATLAB software simulation and experimental testing, it is verified that the power supply can effectively track the series resonant frequency and control the power while being continuously adjustable. This study has promising applications in ultrasonic welding technology with complex loads.