In order to realize the natural decoupling of the torque and suspending force of a bearingless switched reluctance motor (BSRM), a novel hybrid excitation bearingless switched reluctance motor (HEBSRM) was proposed. The new motor consists of a 12/14 BSRM, an annular permanent magnet and a radial magnetic bearing. The torque flux path was completely independent of the suspending force flux path, and the decoupling of torque and suspending force was realized in the structure. In addition, the mathematical model of the radial suspending force of the motor was deduced in detail and the rationality of the structure was verified by the finite element analysis.