A hybrid double stator bearingless switched reluctance motor with advantages of high suspension output, small loss and weak coupling is presented. This motor can realise electric/power generation and radial two‐degree‐of‐freedom suspension. The biased magnetic field for producing radial force is provided by a permanent magnet, which reduces system power consumption. Self‐decoupling is realised between a torque system and suspension system according to the mechanical structure design. Furthermore, the radial force is approximately constant when the suspension current is constant, thereby improving the controllability of the system. The operation principle is introduced and the electromagnetic characteristics are analysed through the time‐stepping finite element method. This analysis verifies the effectiveness of the theoretical analysis.