Abstract: A saturated core fault current limiter (SCFCL) can effectively way to limit short-circuit current in a high-voltage system. However, there are some problems such as single function, low utilization rate and large loss that remain unsolved. In this case, a multi-functional SCFCL with hybrid excitation was proposed, which has the advantages of limiting short-circuit current and controlling steady state inductance smoothly. Firstly, this paper introduced the composition and topological structure of the multi- functional SCFCL. Then, the equivalent electromagnetic circuit model of the multi-function SCFCL was established, and the working mechanism of current limiting and steady state inductance regulation were analyzed, respectively. After that, the finite element simulation model was built to verify the current limiting effect and electromagnetic characteristics of the new structure. The feasibility of its steady state inductance regulation function was verified through Simulink simulation. Finally, the prototype was designed, the test platform was established, and the experimental test was carried out to verify the correctness and feasibility of the proposed structure.