In order to improve the control accuracy of switched reluctance motors (SRMs) without reducing the reliability of the driving system, multilevel power converters can be adopted. Compared to traditional asymmetric half bridge power converters which output three voltages (-U, 0, +U), asymmetric three-level T-type power converters can output five voltages (-U,-U/2, 0, U/2, U/2, U). Meanwhile, asymmetrical three-level T-type power converters can still independently control each phase winding in the SRM. However, research in the field of fault diagnosis for asymmetric three-level T-type power converters is insufficient. To optimize the control of SRM drive systems, this study adopts the asymmetric three-level T-type power converter as the research focus and conducts analysis in conjunction with an appropriate control strategy, thereby advancing both theoretical understanding and practical application in this field. A simulation model and an experimental platform of the SRM drive system based on the asymmetric three-level T-type power converter are developed. Both simulation and experimental results confirm the feasibility of the adopted converter topology and its control strategy, demonstrate the speed and accuracy of the proposed fault diagnosis method, and confirm that the drive system exhibits good dynamic performance.