A reactor-type short circuit fault current limiter, comprising a first reactor (L1), a second reactor (L2), a switch (K1), a capacitor (C1) and arresters (H1, H2 and H3). The first reactor (L1) consists of a first winding (L11) and a second winding (L12) by intercoupling through a magnetic circuit, one end of the first winding (L11) and one end of the second winding (L12) are connected in parallel to each other at a first connection point (a), and the other end of the first winding (L11) is connected in series to the switch (K1) and then connected in parallel to the other end of the second winding (L12) at a second connection point (b). When the power grid is in a steady state, a current limiter works in a series resonance or series compensation state, and presents a low impedance; when the power grid has a short circuit fault, the windings of a reactor undergo overcurrent saturation, and at the same time, the reactance change of the reactor is controlled by closing a switch, so as to produce a high impedance to achieve fault current limiting. The current limiter enhances the current limiting capacity, reduces the system manufacturing cost, has insignificant impact on the power grid, and improves the operational safety and reliability of the power grid.