This paper presents a detailed description of design and simulation of a self-excited all-air-core and fabrication of a separate-excited all-iron-core compensated pulsed alternators (compulsator), also including the similarity and difference in configuration and principle of two prototypes. Presented are fabrication techniques, assembly processes and design methods developed specifically for pulsed power generators, including the carbon fiber reinforced epoxy resin composite material usage of stator and rotor core in all-air-core compulsator, and the armature and field winding fabrication techniques and conglutination processes in all-iron-core compulsator. The armature winding is wound concentric winding by flat copper bars, the end-turn superposition problem solved by heating the flat copper bar to soften them for taking shape. Designs of a lightweight self-excited all-air-core rotating-field passive compulsator and a separate-excited all-iron-core compulsator for comparison have been completed. They all have rotating-field, two-phase, four-pole, and slotless armature winding and passive compensation. The heart of the self-excited all-air-core passive compulsator is carbon fiber rein-forced epoxy resin composite rotor which rotates at 10000 rpm or more, and that epoxy composite resin stator reduces the saturation of the compulsator, which consequently reduces transient inductance of armature winding and increasing the magnitude of pulsed current. The usage of composite material also reduces the mass of the all-air-core compulsator and increases the velocity of the rotor and inertial energy storage, therefore increasing the energy density and power density. Another feature of the all-air-core PCPA is the use of two armature windings on the stator, which allows optimization of each armature winding to its specific duty cycle. Control of self-excited process is presented as well as the synchronous control of solid-state switch in excitation circuit and discharge main- - circuit by the special controller. The paper presents the simulation of magnetic field at no-load and discharge instance respectively. The paper analyzes the impact of the thickness of compensation shield to the performance of compulsator. Finally, the experiment schematic of all-air-core compulsator system is presented.