In this paper, a bearingless switched reluctance motor (BRSM) with sharing suspension windings, which simplifies the winding structure and reduces the complexity of the control circuit, is analysed. A torque analytical model is derived using the Maxwell stress tensor method, which provides better results, compared with the linear model in the magnetic saturated conditions. A finite element analysis (FEA) model of the prototype is built and used for comparison with the torque analytical model. The results show that the torque analytical model provides accurate results in the entire magnetic saturation region, which verify the feasibility of this model. In addition, the self-decoupling characteristics of this type of motor are illustrated using analytical model analysis, FEA and experimental analysis. The results indicate that BSRMs with sharing suspension windings can be flexibly controlled without using complex self-decoupling algorithms of conventional BSRMs. The presented work provides a theoretical basis for the control strategy.