The invention discloses a five-degree-of-freedom co-excited bearing-less switched reluctance motor system and a control method. The system is composed of a switch reluctance motor, a hybrid magnetic bearing and a radial magnetic bearing, wherein bias windings of the two bearings and an m-phase armature winding of the switch reluctance motor share the same set of power converter; with the adoptionof a co-excited manner, biased magnetic flux is generated in the two bearings when torque is generated in the switch reluctance motor; the m-phase armature winding adopts the traditional switch reluctance drive mode; and the current of the bias winding is only related to working conditions of the switch reluctance motor, and no control is performed. In addition, current of five suspending windingsis reasonably controlled by combining with the current of the bias winding collected in real time, so that five-degree-of-freedom suspension operation can be realized. According to the system disclosed by the invention, suspension force is decoupled, the suspension force and the torque are also decoupled, the control variable is less, the suspension control is simple, the integration level is high, the reliability is high, no permanent magnet exists in the system, the environmental suitability is high, and the system has unique advantages in high-speed or ultra-high-speed application occasions.