The dual-channel switched reluctance machine (DCSRM) is a kind of special machine, which is developed to enhance reliability in some safety critical applications. When the DCSRM works under dual-channel operation (DCO) mode, the two channels of DCSRM would have strong interactions between each other due to the magnetic mutual coupling for each channel. This paper proposes a fast analytical model considering the mutual coupling for the DCSRM based on the magnetic charactersitics of self-and mutual inductances. The rapid analytical phase current models are deduced in several different inductance regions, and the different analytical phase current and torque models for the DCSRM under single-channel operation (SCO) and DCO modes are also compared. Using this proposed model, the simulation results of steady-state phase current, average torque-speed and average torque-copper loss characteristics are compared with the experimental results at the same conditions in a 12/8 DCSRM systems under the SCO and DCO modes, which verify this proposed modeling and analysis.