Aiming at the disadvantage that traditional permanent magnet governor needs an additional air gap adjusting mechanism, a double-barrel excitation speed adjusting device is proposed, which adjusts the air gap by adjusting current instead of the air gap. Due to the uncertainty of current speed regulation, the simulation design is analyzed. A structural model and key components of excitation speed regulation are designed. Structural characteristics and principles of the model are introduced. Due to the complexity of the multi-physical field, the finite element analysis method is used. Based on the three-dimensional moving eddy current field, the simulation model of the double-barrel excitation governor is established; the variation law and speed characteristics of the electromagnetic field in transient excitation governor are analyzed; the magnetic induction intensity cloud diagram, eddy current density vector diagram, and circumferential variation curve of air gap magnetic induction intensity are obtained, and the relationship between speed difference on output torque under different current is got. The results show that the output torque increases with the increase of excitation current. With the increase in slip ratio, it will first increase and then decrease. Its laws and conclusions can provide a novel method for further design and optimization of excitation governor.