<p>For the switched reluctance motor (SRM) working under two-phase synchronous excitation mode, the inter-phase mutual inductance (IMI) among the three phases is generally ignored in the modeling for SRM, which could directly impact the accuracy of the motor model. Considering the IMI, a novel SRM modeling method is proposed in this study to improve the model accuracy. First, based on the magnetic circuit forms of the motor, the reason for the generation of IMI is introduced. Then, the influence of IMI on SRM’s output performance is analyzed by the finite element method. The differences in the influence of IMI on the electromagnetic characteristics under different magnetic circuits (SSMC and LSMC) are analyzed. Subsequently, considering the overlap of three-phase excitation intervals, an SRM model is established by the analytical method. Furthermore, the SRM drive system model is established, and the simulation is carried out and compared to the model without considering IMI under several common conditions. The comparison results indicate that IMI significantly affects the output performance of the motor during the overlap of three-phase excitation intervals. Finally, an experimental platform is established, and the experimental results are obtained and compared, validating the accuracy of the established SRM model.</p>