Cost-effective phase current sensing is critical for the performance improvement of switched reluctance motor drive (SRD). In this study, a new two-sensor phase current sensing method is proposed and comparatively investigated with conventional m-sensor and one-sensor methods. First, the operation principles of the m-sensor, one-sensor, and proposed twosensor methods are illustrated in detail on a four-phase SRD. Compared with the one-sensor method, the topology can be maintained without splitting the lower bus into freewheeling bus and excitation bus under the two-sensor method. Next, an advanced decoupling strategy is presented to obtain the complete phase current information and shorten the region of switch signals injection. With the simulation model in Matlab/Simulink environment, the steady and transient performance of SRD in the proposed method are not inferior to m-sensor and one-sensor methods. Meanwhile, the proposed two-sensor method is demonstrated to own superior thermal stress distribution by the finite-element model in ANSYS software. Eventually, the dynamic reliability is proved to be not enhanced as the number of current sensors decreases. Finally, an experimental setup with double-core TMS320F28377D is built to validate the proposed method and evaluation results.