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As the essential of future driver assistance system, brake-by-wire system is capable of performing autonomous intervention to enhance vehicle safety significantly. Regenerative braking is the most effective technology of improving energy consumption of electrified vehicle. A novel brake-by-wire system scheme with integrated functions of active braking and regenerative braking, is proposed in this paper. Four pressure-difference-limit valves are added to conventional four-channel brake structure to fulfill more precise pressure modulation. Four independent isolating valves are adopted to cut off connections between brake pedal and wheel cylinders. Two stroke simulators are equipped to imitate conventional brake pedal feel. The operation principles of newly developed system are analyzed minutely according to different working modes. High fidelity models of subsystems are built in commercial software MATLAB and AMESim respectively.