Winding inductance is a crucial parameter of machines, which plays an essential role in flux-weakening capability, reluctance torque, power factor, etc. In this article, winding inductance characteristics of flux-switching permanent magnet (FSPM) machines are investigated from the perspective of air-gap modulation magnetic field. With the aid of the general air-gap field modulation theory, the air-gap magnetic field contributed by an arbitrary energized winding of FSPM machines is modeled and analyzed. Then, an analytical expression of winding inductance is derived based on winding function and single-phase magnetic field, through which the relationship between winding inductance and single-phase magnetic field harmonics is unveiled. It is found that the direct current (dc) and 2nd harmonic components of winding inductances in FSPM machines are caused by the dc and 2nd time-harmonic components of primitive harmonics, respectively, which are essentially different from that of traditional interior permanent magnet or reluctance machines. Finally, experiments on a prototype three-phase 12/10 FSPM machine are conducted to verify the theoretical analysis.