In this study, a superconducting fault current limiter (SFCL) having two magnetic paths was proposed, and its current limiting characteristics were analyzed. For the SFCL to effectively perform the current limiting operation, it must be designed considering the magnetic saturation of the E-I core. Further, the influence of the magnetic flux on its peak current limiting characteristics was investigated. In addition, the magnetic flux curves of the SFCL obtained from the fault current limiting experiments were analyzed, and the subtractive polarity winding case was observed to not only further reduce the saturation potential of the core but also perform the peak current limiting functions well when compared with the additive polarity winding case.