Based on Implicit trapezoidal integration theory, this paper proposes a mathematical model which describes the nonlinear magnetic saturated characteristics of extra and ultra voltage magnetically controlled shunt reactor(MCSR). Dynamic magnetic reluctance theory is proposed and used to decouple the magnetic functions, while inverse-hyperbolic function describing the nonlinear characteristics, Electromagnetic transient model of Equivalent reactance is established accordingly, which not only reflects the smoothly and continuously controllable features of saturated magnetic circuit avoiding the numerical oscillation of piecewise linearization, but also be suitable for the Electromagnetic simulation calculation. Computer simulation results used in standard power system example and practical operation parameters of MCSR confirmed the accuracy of model algorithm. Electromagnetic transient software of ETSDAC has contained the model by program and patented, it's novel, neat, numerical stability and practical, which not only provides the necessary implement for the real-time electromagnetic transient calculation of extra and ultra voltage magnetically controlled shunt reactor, but also opens a new way to conduct the study of nonlinear element model in real-time simulation.