A coupled dynamos model considering two loss characteristics is proposed, which can characterize the practical situation well compared with the previous one. By numerical calculation, the Lyapunov exponential spectrum, bifurcation diagram and Poincaré mapping are given. Then the dynamic characteristics of the parameters space are analyzed. From these results, it can be found that the novel coupled dynamo model with the consideration of mechanical damping loss, has double attractors. The mechanical damping loss can suppress the chaotic occurrence and leads to more complex bifurcation characteristic appearing in the parameter space. The two kinds of the loss characteristic parameters have significant influence on the dynamic behavior of the system.