Aiming　at　air　cooling　and　thermal　recession　problem　of　the　traditional　eddy　current　retarder,　a　type　of　salient　pole　electromagnetic　liquid-cooled　retarder　(ELR)　was　proposed.　The　liquid　channels　were　equipped　in　the　retarder＇s　stator.　The　heat　generated　during　the　operation　was　discharged　through　a　liquid-cooled　system,　which　can　make　the　retarder　maintain　a　lower　temperature.　Firstly　this　paper　introduced　the　structure　of　retarder.　After　conducting　theoretical　analysis,　the　magnetic　and　the　eddy　current　field　of　the　retarder　were　analyzed　by　the　finite　element　analysis　software.　The　effects　of　the　conductivity,　the　excitation　current　and　excitation　current　saturation　degree　on　the　brake　torque　were　discussed　in　detail.　Results　show　that　the　braking　torque　becomes　increasingly　saturated　with　the　increase　of　the　electrical　conductivity;　when　the　excitation　current　is　saturated,　the　torque　increases　slightly　with　the　increase　of　the　excitation　current;　when　the　degree　of　saturation　excitation　current　increases,　the　torque　changes　slowly.