Regularized Einstein-Gauss-Bonnet (EGB) theory of gravity in four dimensions is a new attempt to include nontrivial contributions of Gauss-Bonnet term. In this paper, we make a detailed analysis on possible constraints of the model parameters of the theory from recent cosmological observations, and some theoretical constraints as well. Our results show that the theory with vanishing bare cosmological constant, $Lambda_0$, is ruled out by the current observational value of $w_{de}$, and the observations of GW170817 and GRB 170817A as well. For nonvanishing bare cosmological constant, instead, our results show that the current observation of the speed of GWs measured by GW170817 and GRB 170817A would place a constraints on $tilde{alpha}$, a dimensionless parameter of the theory, as $-7.78times10^{-16}le tilde{alpha} leq 3.33times10^{-15}$.