Combining the advantages of traditional switched reluctance motor and electromagnetic speed regulating motor, a new type of speed regulating motor is proposed, which includes prime motor, rectifier, switched reluctance type excitation current controller, conductive slip ring and switched reluctance type electromagnetic slip clutch. The prime motor drives the outer rotor of the switched reluctance type electromagnetic slip clutch to rotate at a fixed speed (base speed). The rectifier, the switched reluctance type excitation current controller and the conductive slip ring provide excitation current to the outer rotor of the switched reluctance type electromagnetic slip clutch. Inner rotor will generate high efficiency reluctance torque. It replaces the low efficiency eddy current torque of traditional electromagnetic speed regulating motor and eliminates the low speed out-of-control zone. High efficiency reluctance torque drives the inner rotor to rotate. The speed of the inner rotor can be lower than the speed of the prime motor, or higher than the speed of the prime motor, thus significantly increasing the speed range, with stepless speed regulation, wide speed range, and the advantages of fast speed recovery when the load is disturbed. The mathematical model of switched reluctance type electromagnetic speed regulating motor is established, the current chopping control method is studied, then simulation and experiment verification are carried out.