An equivalent magnetic network model for hybrid excitation double-stator bearingless switched reluctance motor (BSRM) is presented. This model can analyze the static characteristics of motor suspension and torque windings, such as flux linkage, inductance, suspension force and torque. Equivalent magnetic network (EMN) can not only ensure certain precision, but also save time compared with finite element method (FEM). An EMN model is established based on a 24/16/8 hybrid excitation double-stator BSRM, and the calculation formulas of stator and rotor tooth, yoke and air gap magnetic conductivity are deduced. The matrix equation is established to solve the magnetic flux density of each part, and then the flux linkage, inductance, suspension force and torque characteristics of suspension and torque windings are obtained, which are compared with the results of FEM. It can be found that the electromagnetic characteristics solved by EMN agree well with the results of FEM, which further indicates the validity of the model.