There are many kinds of motors operating by rated voltage which is constant. In this paper, the characteristics of separately excited direct current motor is analyzed when its terminal voltage is varied as its load current. As for this source, direct current generator of a series field is used, and it is driven at constant speed by a primemover. The induced voltage of the generator is propotional to its load current but it saturates as its load current is large. The charateristics of motor is studied by analog computer because of the nonlinearity of generator. The results are as follows: (1) The load current and the rotor speed of motor increase as the load of motor increases. But the speed of rotor decreases for the influence of the saturation of the iron of generator field when its load current is large. (2) Decreasing the inertia of motor and increasing the inductance of the armature circuit improve the stability of motor and the region of stable state. (3) By changing the field current of the motor, the speed and the direction of rotor can be controlled in wide range.