An electromagnetic speed regulator comprises an electromagnetic speed regulator body and a direct current excitation circuit. The electromagnetic speed regulator body is composed of an inner rotor, an outer rotor, an inner rotor shaft, an outer rotor shaft, a bearing, a combined bearing, conductive sliding rings, electric brushes, a conductive wire, a rotating speed sensor, a machine shell and a machine base; the direct current excitation circuit is composed of a controllable rectification circuit, a current sensor, an electric reactor, a control circuit and a connection conductive wire. A fixed air gap is formed between the inner rotor and an iron core magnetic pole of the outer rotor. The two conductive sliding rings are arranged on an outer rotor supporting plate, and the two electric brushes make sliding contact with the surfaces of the two conductive sliding rings; the conductive sliding rings are connected with a concentrated winding of the outer rotor, and the positive output end and the negative output end of the direct excitation circuit are connected with the two electric brushes. The inner rotor shaft and the outer rotor shaft are connected through the combined bearing. The electromagnetic speed regulator has the advantages of replacing a frequency converter, and providing a motor speed regulation method achieving high efficiency, energy conservation, firmness, reliability, low cost, no-load starting and no electromagnetic interference.