The invention provides a magnetic control type controllable paralleling reactor excitation circuit with a quick adjustment function. The magnetic control type controllable paralleling reactor excitation circuit comprises at least one excitation branch circuit connected with a direct current bus, wherein each excitation branch circuit comprises an alternating current power supply terminal, an excitation transformer, a switching unit and an excitation rectifier which are connected in sequence; after being connected to the direct current bus, the excitation rectifier is connected with a control winding of a reactor; the switching unit is used for adjusting a connection mode between the excitation transformer and the excitation rectifier so as to switch a normal working mode and a quick adjustment mode of the excitation circuit. Compared with the prior art, the magnetic control type controllable paralleling reactor excitation circuit provided by the invention has the advantages that the integrated capacity of the excitation transformer and an excitation system is effectively reduced, and the excitation circuit is suitable for a quickly and frequently adjusted power system or an industrial user.