The existing mathematical models based on the assumption of magnetic unsaturation for bearingless switched reluctance motors have limitations, as they are only suitable for non-magnetically saturated conditions. A comprehensive radial force mathematical model is developed for a wide rotor single-winding bearingless switched reluctance motor, taking into account the effects of magnetic saturation. Firstly, based on the finite element analysis of the motor’s magnetic field, the expression for the radial force in terms of the air gap magnetic density is derived using the Maxwell stress method. Next, the nonlinear magnetization characteristics of the iron core material are fitted, and the air gap magnetic density, accounting for the effects of magnetic saturation, is calculated using the motor’s equivalent magnetic circuit. Subsequently, the radial force model of the motor is established. After comparing and analyzing the influence of edge air gap magnetic density and main air gap flux density on the radial force, the developed radial force model is simplified to reduce computational complexity. Finally, the model is validated through finite element analysis. The results indicate that the established radial mathematic model is applicable to the motor under conditions of magnetic unsaturation, partial magnetic saturation, and complete magnetic saturation. The development of a full-period radial force model considering magnetic saturation provides a more accurate theoretical reference for the analysis of motor operating characteristics, structural optimization design, and control strategy research.