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When switched reluctance generator (SRG) is operating below its rated speed, the back electromotive force (EMF) may be lower than the excitation voltage, as a result, the phase current will not increase at the generation stage which would reduce the machine utilization coefficient and conversion efficiency of the system. To solve this problem, a variable generation voltage converter is presented in this paper. Compared with the conventional asymmetric bridge converter, the proposed converter needs less power switching devices and can regulate the generation voltage. Besides, the SRG system can achieve low cost and high efficiency below the rated speed. The feasibility and validity of SRG system are verified by mathematical modeling and Matlab simulation.