In this paper, the fault current limiting characteristics of a flux-lock type superconducting fault current limiter (SFCL) with peak current limiting function were analyzed through its short-circuit tests. The setting condition for the peak current limiting operation was derived from its electrical equivalent circuit, which was dependent on the inductance ratio between the third coil and the first coil. Through the analysis on the short-circuit tests for the flux-lock type SFCLs with the different inductance ratio between the third coil and the first coil, the setting value for the peak current limiting operation of the flux-lock type SFCL with peak current limiting function could be confirmed to be adjusted with the variation of the inductance ratio between the third coil and the first coil.