A novel brushless hybrid excited adjustable speed eddy current coupling is proposed for saving energy in the drive systems of pumps and fans. The topology and operation principle of the coupling are presented. Based on the real flux paths, the fluxes excited by permanent magnet (PM) and field current are analyzed separately. A magnetic circuit equivalent (MEC) model is established to efficiently compute the no-load magnetic field of the coupling. The eddy current and torque are calculated based on the proposed MEC model, Faraday’s law, and Ampere’s law. The resultant magnetic fields, eddy currents, and torques versus slip speeds under different field currents are studied by the MEC-based analytical method and verified by finite element analysis (FEA). The copper loss, core loss, and efficiency were investigated by FEA. The analytically predicted results agree well with the FEA, and the analysis results illustrate that a good speed regulation performance can be achieved by the proposed hybrid excited control.