This paper proposes an advanced dynamic modelling approach of the mutually coupled switched reluctance motor (MCSRM) in the $dq$ reference system that can consider saturation, cross-coupling, and spatial harmonics. Different topologies and their operating principles are investigated and an idealized $dq$ -model considering the inductance harmonics is derived. A dynamic model is built based on flux-current lookup tables (LUTs) obtained from finite element analysis (FEA). A simplified method to inverse the two-dimensional LUTs is proposed. A fast computation approach is used to reduce the number of FEA simulations and calculation time to obtain the LUTs. Motor dynamic performances at different speeds are simulated by using the proposed dynamic model and the results are investigated and verified by FEA. The motor dynamic behavior can be accurately obtained in a short simulation time by using the proposed approach. Experiments are carried out on a 12/8 MCSRM, showing good accuracy of the proposed model.