This paper proposes a new type of dual-armature alternating pole bearingless magnetic flux reverse permanent magnet machine, which combines the advantages of the alternating pole structure and the dual-armature structure. This machine shows the advantages of high torque density and good fault tolerance, which can not only reduce the number of permanent magnets but also further improve the machine’s torque. It is suitable for use in wind power, aerospace, and other applications. The dual-armature alternating pole bearingless magnetic flux reverse permanent magnet machine is used to improve the torque performance and suspension force. Based on the dual-armature alternating pole magnetic flux reverse machine, by adding an additional set of stator teeth to suspended windings, a new type of dual-armature alternating pole bearingless magnetic flux reverse permanent magnet machine is obtained. The number of permanent magnets is halved, and each permanent magnet has the same polarity. The ferromagnetic pole piece next to the permanent magnet automatically acts as the other pole. Based on the introduction of its related structure, the stator flux, rotor flux, stator back electromotive force, cogging torque, electromagnetic torque, etc., are analyzed. This new machine can reduce the number of permanent magnets and has a higher torque conferring advantages of output capacity and low torque ripple.