To improve the performance of sound field reconstruction and sound source identification for the spatially extended source, a compressed singular value decomposition equivalent source method (CSVDESM), based on compressed sensing (CS) theory and the equivalent source method (ESM), is proposed in this paper. The CSVDESM obtains a series of orthogonal basis of the source field by the singular value decomposition (SVD), and reconstructs the sound field on the basis of the ESM and the CS framework. In addition, when combined with the high-order matrix function beamforming, CSVDESM can further improve the accuracy of sound source identification by increasing order value to narrow the identified acoustic center coverage continuously. Numerical simulation and experiment verify the validity and practicality of CSVDESM.