According to the development of the electric vehicle motor drives, a magnetic gear compound motor with small size, lightweight, non-contact, and high-power has a good development prospect in the new energy electric vehicle industry. A new dual-modulation magnetic gear compound motor (DMFMCM) with high torque, low torque ripple, and high mechanical strength is proposed in the paper. The topology and driving principle of DMFMCM are analyzed in this paper, and the finite elements analysis (FEA) is used to compare and analyze the DMFMCM and the conventional magnetic gear compound motor (CMGCM). Furthermore, the mathematical model of DMFMCM is established to achieve the decoupling of the three-phase voltage or current, and the mathematical model and FEA co-simulation is established to ensure the accuracy of the mathematical model. Finally, according to the principle of SVPWM controlled by id = 0, the paper simulates a PI-adjusted three-phase DMFMCM control system model. The result shows that the DMFMCM controlled by SVPWM has high stability, strong anti-interference ability and good speed regulation performance, thus meeting the development of electric vehicles.