Electromagnetic formation flying utilizes electromagnetic interaction to provide maneuverability for the formation. The dynamics of electromagnetic formation exhibit strong coupling and nonlinearity. Frequency division multiplexing provides a significant advantage in managing satellite angular–momentum and dynamic decoupling control of formation. This paper studies the issue of managing angular momentum for electromagnetic satellites based on the frequency division multiplexing method. The relative position control of electromagnetic satellites depends on the inter-satellite electromagnetic forces, and the attitude control of the entire formation depends on the inter-satellite electromagnetic torques and a set of RWs installed only on one satellite. The DC component of the magnetic dipole is used for satellite angular–momentum unloading. The active disturbance rejection controller is proposed to achieve the 6-degree-of-freedom stability problem of electromagnetic satellites. The results of the simulation show that the proposed angular–momentum management method is effective.