The armature reaction of the hybrid excitation starter generator (HESG) under load conditions will affect the distribution of the main magnetic field and the output performance. However, using the conventional field-circuit combination method to study the armature reaction has the problem of low accuracy and inaccurate influencing factors. Therefore, this paper proposed a graphical method to analyze the armature reaction and a new type of HESG with a combined-pole permanent magnet (PM) rotor and claw-pole electromagnetic rotor. The analytical formula of the voltage regulation rate under the armature reaction was derived using the graphical method. The main influencing parameters of the armature reaction magnetic field (ARMF) were analyzed, and the overall output performance was analyzed using finite element software. On this basis, comparison analyses before and after optimization and the prototype test were carried out. The results show that the direct-axis armature reaction reactance, quadrature-axis armature reaction reactance, and voltage regulation rate of the optimized HESG were significantly reduced, the output voltage range of the whole machine was wide, and the voltage regulation performance was good.