The progress of the research on DC power system protection equipment is reviewed. A magnetic core direct current (DC) high temperature superconducting (HTS) fault current limiter (FCL) saturated by DC bias winding is presented. The core of SFCL is made of soft magnetic composites (SMC) to prolong the current limiting time. The inductance of the winding, which is connected in the power system to be protected, is small in normal operation. However, when a short-circuit fault occurs, the SFCL can provide large inductance to reduce the fault current. The design and analysis methodology of the SFCL is developed. The performance evaluation of the SFCL is performed through numerical simulation by using 3-dimensional finite element analysis (FEA) of magnetic field coupled with the transient nonlinear circuit model. A comparison with silicon steel core FCL shows that the SMC core HTS FCL has rapid response to limit fault current and a good limiting effect. The maximum value of short-circuit current will be reduced to 12 percent at 8 ms.