The fault current limiter (FCL) is one of the most useful measures for limiting fault currents in power systems. This paper introduces a new structure for a parallel-type permanent magnet (PM)-biased saturation-based FCL (PPFCL). The PPFCL consists of two magnetic devices connected in parallel and in magnetic counter opposite to each other. The operating principle and the core inductances in different states were analyzed using an electromagnetic equivalent circuit. In addition, a 220 V/10 A experimental prototype was designed and tested in a simple system and compared with Maxwell-3-D simulation and analytical methods. Finally, a 10 kV case-study model was created and compared with a series-type FCL, which verified the effectiveness of the limiter in high-voltage, large-capacity application. Experimental and simulation results have demonstrated that the PPFCL exhibits fast response and low impedance during normal operations, as well as high bias capability and low possibility of demagnetization of the PM during fault conditions.