Combining the advantages of switched reluctance motors and magnetic bearings, bearingless switched reluctance motors (BSRMs) have the potential value for industrial applications, such as turbine generators and compressors, because of their high reliability and low friction. In order to ensure the axial levitation of a rotor coping with loading in the axial direction, the axial reluctance force is essential to be considered for the BSRM. In this article, the analytical model of the axial reluctance force is proposed for BSRMs to investigate the axial levitation ability of the studied BSRM. The operational characteristics of the axial reluctance force are revealed by electromagnetic analysis for the BSRM. The factors affecting the axial reluctance force are explained, and the principle of output characteristics with the change of parameters is obtained. The analytical model is applicable for the calculation of the axial reluctance force under different motor parameters, i.e., axial displacement, current, and some mechanical parameters. After that, the finite-element method is adopted to verify the proposed analytical model. Then, the torque and radial levitation control and corresponding power converters are implemented in experiments to test the performance of the studied BSRM on the axial levitation in practice.