In this paper, the regenerative braking system is designed based on MPC controller, which can realize the torque allocation between electric braking and hydraulic braking. Where, the cost function designed in this paper considers factors of braking torque following effect, energy regenerative power and hydraulic braking consumed power. In addition, a complete anti-lock braking system (ABS) is designed, which is based on regenerative braking. With the optimal slip ratio as control target, target wheel speed, control wheel speed, braking torque control strategy and enable/disenable control logic of ABS are determined. By MATLAB/Simulink-DYNA4 co-simulation and real vehicle test, the feasibility and applicability of ABS based on regenerative braking are verified, under the condition of small severity of braking. According to experiment result, the following conclusions can be obtained: ABS based on regenerative braking can meet the braking requirements of small severity of braking; in co-simulation and real vehicle test, the efficiencies of braking energy recovery are more than 50% and 44% under the conditions of ABS triggered, respectively; through comparison, it is found that ABS based on regenerative braking is very helpful to improve energy recovery efficiency.