Abstract: In this article, equivalent sinusoidal alternating complex magnetic circuit models in parallel and series are respectively established by taking transformer as an example. The two different definitions and physical meanings of magnetic inductance are given accordingly, and their advantages and disadvantages are compared. The phase relationships of the physical quantities in the complex magnetic circuit with different property loads are analyzed in the form of phasor diagram, and the analog relationship between magnetic circuit and electric circuit is improved on the basis of magnetic inductance definition. The numerical relationships between the active and reactive powers of equivalent electric circuit and the virtual active and reactive powers of the analog complex magnetic circuit under arbitrary load are derived. By taking synchronous generator as an example, the equivalent complex magnetic circuit based on magnetic induction is used to analyze the interaction of stator and rotor magnetic fields in AC machines. A transformer example is respectively analyzed by the equivalent complex magnetic circuit method and finite element method to verify the correctness of the theoretical analysis in this article. Based on the research work of this article, some valuable conclusions are drawn, and the functions of complex magnetic circuit based on magnetic inductance are analyzed objectively.