In view of the unstable electromagnetic performance of the air gap magnetic field caused by the torque ripple and harmonic interference of a multi-slot and multi-pole low-speed, high-torque permanent magnet synchronous motor, we propose a simplified model of double-layer permanent magnets. The model is divided into an upper and a lower subdomain, with the upper subdomain being an ideal circular ring and the lower subdomain being a segmented sector ring. Moreover, we develop an exact analytical model of the motor that predicts the magnetic field distribution based on Laplace’s and Poisson’s equations, which is solved using the method of separating variables. Taking a 40p168s low-speed, high-torque permanent magnet synchronous motor as an example, the accuracy of the model is verified by comparison with an ideal circular ring model, a segmented sector ring model, and the finite element method. Based on the proposed simplified model, three combined permanent magnets considering both edge-cutting and polar arc cutting structures are proposed, which are chamfered, rounded, and rectangular combinations. Under the premise of a consistent edge-cutting amount, the electromagnetic characteristics of the three combination types of permanent magnets are compared using the finite element method. The results show that the electromagnetic characteristics of the chamfered combination PM are superior to those of the other two combinations. Finally, a prototype is manufactured and tested to validate the theoretical analysis.