For the deficiency of current electric vehicle regenerative braking, a new-type electromagnetic—mechanical coupled regenerative braking system was proposed. The new-type electromagnetic—mechanical coupled regenerative braking system overcame independent control of friction braking and regenerative braking. Based on the system, two degrees of freedom vehicle dynamic model with the lateral force limitation was taken as reference model. Meanwhile, electric vehicle stability control strategy was proposed based on direct braking input distribution and fuzzy-compensation control. According to the test conditions and evaluation indicators of American regulation FMVSS126, the lateral stability, handling response and braking energy recovery efficiency were analyzed and contrasted with or without ESC control by vehicle dynamic co-simulation platform of Matlab/Simulink and CarSim. The results showed that the vehicle equipped with ESC passed the sine with dwell tests of regulation successfully. The proposed fuzzy-compensation stability control algorithm had better robustness and yaw stability, which reduced the tracking error of vehicle slip angle and yaw rate effectively. The electric vehicle stability control strategy integrated regenerative braking not only can increase the driving safety of electric vehicles, but also had the recovery efficiency. The research results of the new-type electromagnetic—mechanical coupled regenerative braking system were focused on the vehicle stability, and involved with some braking energy recovery.