The speed regulation range, output torque, and heat dissipation performance are important performance indicators of permanent magnet speed regulators. Enhancing the speed regulation range and output torque, and reducing the heat generation power are of significant importance for expanding the application range of permanent magnet speed regulators. To address the issues of a single adjustment process, insufficient heat dissipation space, and inadequate torque transmission capability of the traditional straight-barrel permanent magnet speed regulator, a cone-barrel permanent magnet speed regulator with a magnetic rotor assembly structure was designed through the analysis of the structure and transmission characteristics of the traditional straight-barrel permanent magnet speed regulator. Using the ANSYS Maxwell finite element analysis software, the output torque characteristics of the cone-barrel structure were studied. Considering the effect of eddy current heating, a conjugate heat transfer model for the permanent magnet speed regulator was developed, and the heat dissipation performance of the cone-barrel structure was explored through ANSYS Fluent simulation analysis. The results indicate that compared to the traditional straight-barrel permanent magnet speed regulator, the cone-barrel regulator can provide greater output torque when fully coupled; at maximum power consumption, the air velocity over the surface of the cone-barrel permanent magnet speed regulator conductor is higher, resulting in better heat dissipation and thus a lower operating temperature.