Downhole electromagnetic transmitter is an important part of EM-MWD system, which can send low-frequency EM waves data from a downhole tool to surface in real time for oil and gas exploration. In order to reduce the volume and weight of the downhole electromagnetic transmitter and improve the depth and accuracy of petroleum exploration, a novel downhole electromagnetic transmitter topology for electromagnetic MWD system is designed. Aiming at the complex and changeable characteristics of load impedance of transmitter, an equivalent load model for downhole electromagnetic transmitter is established with drill string, casing, drill-bit, drilling fluid and formation being taken into account. Because the attenuation characteristic of electromagnetic signal in the wellbore is similar to that of capacitor discharge, the characteristic of electromagnetic channel can be equivalent to the combination of capacitance and resistance. Then, in order to ensure that the downhole electromagnetic transmitter will produce the nominal load voltage, irrespective of disturbances such as variations in the lithium batteries voltage, perturbations in the switching times, and the load, a dual-loop real-time feedback control scheme with an outer voltage loop and an inner current loop is proposed. Simulation and experimental results with laboratory prototype demonstrate the effectiveness of the control method for downhole electromagnetic transmitter. It also ensures the downhole electromagnetic transmitter's excellent stability and the accuracy of the established equivalent load model as well as its ability to meet the requirements of practical field deep exploration. The findings of our work can help for better understanding of approximate load model of downhole electromagnetic transmitter. Furthermore, it will be of great significance for designing control algorithm of downhole electromagnetic transmitter for different areas or boreholes, achieving the purpose of increasing transmission depth. The research results can be used to improve the design and optimization of electromagnetic MWD measurement system in the aspects of improving the control accuracy of the transmitter, saving energy and increasing the transmission depth.