Aiming at the small output torque and the coupling problem between torque and suspension of traditional bearingless switched reluctance motor, a four-phase 16/14/8-pole hybrid-excitation double stator bearingless switched reluctance motor is proposed in this paper. The topological structure, torque principle and suspension principle of the motor are introduced, and the excitation mode of the torque winding is optimized. The electromagnetic characteristics of the motor with the same parameters without permanent magnet are compared and analyzed by finite element method, including the torque characteristics and decoupling characteristics of the motor. The simulation results verify that the self-decoupling structure of the motor is reasonable and can effectively improve the output torque. On the basis of Maxwell stress method, the equivalent magnetic circuit diagram is established according to the magnetic flux distribution of the motor, and the core magnetization curve is fitted by piecewise function. The mathematical model of torque considering magnetic saturation is derived. The torque model agrees well with the simulation results verified by the finite element, with a minimum difference of about 1.4% and a maximum difference of about 26%.