A time-symmetric stochastic control theory is proposed as one of the representatives of quantum mechanics. The main idea is based on Nelson’s probability theoretical approach to quantum mechanics. His approach is reformulated as a time-symmetric stochastic control problem. Several different control constraints equivalent to Nelson’s are obtained. One of them has a close connection to the Lagrangian formalism of classical mechanics. This suggests to us the use of stochastic calculus of variations. Within the realm of this time-symmetric stochastic control theory it is shown why Schrödinger’s original variational method of quantization was successful. Several advantageous points of the stochastic control theoretical approach to quantum mechanics, including the analysis of the classical limit, are also discussed.