The regenerative braking system of electric vehicles can not only achieve the task of braking but also recover the braking energy. However, due to the lack of in-depth analysis of the energy loss mechanism in electric braking, the energy cannot be fully recovered. In this study, the energy recovery problem of regenerative braking using the independent front axle and rear axle motor drive system is investigated. The accurate motor model is established, and various losses are analyzed. Based on the principle of minimum losses, the motor control strategy is designed. Furthermore, the power flow characteristics in electric braking are analyzed, and the optimal continuously variable transmission (CVT) speed ratio under different working conditions is obtained through optimization. To understand the potential of dual-motor energy recovery, a regenerative braking control strategy is proposed by optimizing the dynamic distribution coefficient of the dual-electric mechanism and considering the restrictions of regulations and the I curve. The simulation results under typical operating conditions and the New York City Cycle (NYCC) proposed conditions indicate that the improved strategy has higher joint efficiency. The energy recovery rate of the proposed strategy is increased by 1.18% in comparison with the typical braking strategy.