The invention provides an excitation control method of a magnetic controlled type controllable parallel reactor with the quick adjusting function. The method comprises the steps of 1, building an excitation circuit of the controllable parallel reactor; 2, adjusting the configuration mode of an excitation transformer and a switching unit in the excitation circuit; 3, adjusting the switching unit in the excitation circuit, changing the connection mode of the excitation transformer and an excitation rectifier, and switching the normal working mode and quick adjusting mode of the excitation circuit; 4, adjusting the excitation rectifier to normally adjust or quickly adjust the magnetic controlled type controllable parallel reactor. Compared with the prior art, the excitation control method of the magnetic controlled type controllable parallel reactor with the quick adjusting function has the advantages that the overall capacity of the excitation transformer and the excitation system can be effectively reduced, and quick and frequent adjusting type power systems or industrial users apply.