Purpose – The novel bearingless switched reluctance motor (BSRM) is proposed recently, which is different from the conventional BSRM in the stator structure and suspension winding arrangement. The reduced number of suspension windings makes the novel BSRM much simpler, so that the control circuit and algorithm are greatly simplified when compared to those of the conventional BSRM. This paper for the first time proposes the novel BSRM's analytic model, including the mathematical relationships among the winding currents, rotor angle, radial forces, and motor torque, to further achieve the suspending forces and torque control. The paper aims to discuss these issues. Design/methodology/approach – The magnetic equivalent circuit method is employed to obtain the self-inductances and mutual-inductances of the motor torque windings (main windings) and suspension windings (control windings). The straight flux paths are combined with the elliptical fringing flux paths to calculate the air-gap permeances, and the stored magnetic energy. Then, the mathematical expressions of radial forces and torque are derived. A novel BSRM prototype is analyzed through using the proposed analytical model and the finite element model. The results of both methods are compared to verify the proposed mathematical model. Findings – The proposed mathematical model of the novel BSRM considering unsaturated magnetic circuits is verified by finite-element analysis results. Research limitations/implications – The mathematical model represents the situation of magnetic circuit unsaturated and is not suitable for the magnetic circuit saturation. It cannot be used to control the motor which is working in the deep magnetic circuit saturation region. Practical implications – Building mathematical model is a necessary step for the motor's suspension and rotating control. The built model provides the fundamental for the preliminary control algorithm and experimental study of this novel BSRM. Originality/value – For the first time, the novel BSRM's mathematical model is proposed. It provides necessary fundamental for the motor's further analysis, design, and suspending and rotating controls.