The wearable exoskeleton system is a typical strongly coupled human–robotic system. Human–robotic is the environment for each other. The two support each other and compete with each other. Achieving high human–robotic compatibility is the most critical technology for wearable systems. Full structural compatibility can improve the intrinsic safety of the exoskeleton, and precise intention understanding and motion control can improve the comfort of the exoskeleton. This paper first designs a physiologically functional bionic lower limb exoskeleton based on the study of bone and joint functional anatomy and analyzes the drive mapping model of the dual closed-loop four-link knee joint. Secondly, an exoskeleton dual closed-loop controller composed of a position inner loop and a force outer loop is designed. The inner loop of the controller adopts the PID control algorithm, and the outer loop adopts the adaptive admittance control algorithm based on human–robot interaction force (HRI). The controller can adaptively adjust the admittance parameters according to the HRI to respond to dynamic changes in the mechanical and physical parameters of the human–robot system, thereby improving control compliance and the wearing comfort of the exoskeleton system. Finally, we built a joint simulation experiment platform based on SolidWorks/Simulink to conduct virtual prototype simulation experiments and recruited volunteers to wear rehabilitation exoskeletons to conduct related control experiments. Experimental results show that the designed physiologically functional bionic exoskeleton and adaptive admittance controller can significantly improve the accuracy of human–robotic joint motion tracking, effectively reducing human–machine interaction forces and improving the comfort and safety of the wearer. This paper proposes a dual-closed loop four-link knee joint exoskeleton and a variable admittance control method based on HRI, which provides a new method for the design and control of exoskeletons with high compatibility.