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Fault current limiter based on permanent magnet biased saturation (PMFCL) is believed to foresee considerable application potentials in power systems due to its obvious advantages both technically and economically. In this paper, a new equivalent model of the PMFCL is presented based on a coupled field-circuit modeling methodology. Firstly, the governing equations of the PMFCL are obtained based on equivalent magnetic circuit analysis. Then the analysis of magnetic field of the PMFCL is done by FEM. Finally, a coupled equation for the PMFCL is presented to be solved. The simulation results compared with that of prototype experiments indicate that, the proposed modeling scheme provides theoretical basis for further comprehensive optimization of the PMFCL.