A braking torque closed-loop control system and method for a switch reluctance motor. The closed-loop control system comprises a torque regulator, a mode selector, a current regulator, an angle optimization controller and a torque estimator. On the basis of the rotating speed of the motor, the mode selector implements a phase current soft chopper control in a low rotating speed region and an angle position control in a high rotating speed region. The current regulator performs soft chopper hysteretic current regulation. The angle optimization controller optimizes a turn-on angle and a turn-off angle of a power converter master switch to reduce torque pulsation and improve braking energy feedback efficiency. The torque estimator conducts an on-line estimation of an actual braking torque estimated value of the motor based on an actual phase voltage and current of the motor to achieve braking torque signal feedback.