The applications of SRM(Switched Reluctance motor) are dramatically increasing due to a simple mechanical structure, a high efficiency and a high speed drive characteristics. Energy recovery in the regenerative region is very important when SRM is used in traction drive. This is to reduce energy loss during mechanical braking and/or to have a high efficiency drive. To control excitation voltage during motoring and regenerating voltage in the generator operation in the SRM, multi-level voltage control is effective. This paper suggests multi-level inverter which is useful for motoring and regenerative operation. The proposed method is verified through simulations and experiments.