An equivalent circuit analysis of an ac controlled push-pull magnetic amplifier is performed, which is compensated with a transistor switching circuit  in order to overcome the negative feedback action by the gating induced EMF. The modes of the operation of this new push-pull magnetic amplifier circuit are made clear for cases of various degrees of compensation. The theoretical formulas on both the steady-state control characteristics and the transient time constant are derived. Moreover, the steady-state control characteristics and the transient time constant are calculated for several values of compensating voltage. The results obtained show good agreement with the experiments.