Algorithms for stabilizing the motion of an electrodynamic tether system in the orbit of an Earth satellite are analyzed. The system under consideration consists of two small spacecraft and a tether connecting them. A tether system is designed to change its orbital parameters, using the interaction of a current-conducting tether with the Earth’s magnetic field. Several mathematical models are used to describe the movement of the system, with varying degrees of detail describing its movement. An algorithm for stabilizing the movement of the tether system in the vicinity of the local vertical is proposed. A feature of the considered algorithm, based on the feedback principle, is the stabilization of the bending vibrations of the tether from the action of the distributed load acting on the current-conducting tether in a magnetic field. It is shown that not taking into account the bending vibrations of the tether in the stabilization algorithms can lead not only to a deterioration in the quality of stabilization, but also to a loss of stability of the system motion (its transition to rotation).