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The saturated reactor can changes the reactance of AC winding by changing magnetic field working states and magnetic properties of the core which is affected by DC excitation and the magnetic saturation. In this paper, aiming at a saturated reactor prototype, mathematical analyses and derivations for the magnetic field within the core are studied. Then, the field-circuit coupling mathematical model is established based on the finite element analysis theory. Furthermore, using the finite element analysis software ANSYS, the precise 2-D prototype field-circuit coupling model is established, which directly coupled the magnetic field equations and the circuit equations together, and it can reflects the electromagnetic transient process.