Recently, various types of vernier motor have been developed. The variable-reluctance vernier motor (VRVM) is a three-phase reluctance motor whose stator has slots and distributed three-phase windings. The rotor is a slotted iron core without windings. The relationship between S, R, and P is S = R ± P, where S and R are the numbers of stator and rotor slots and P is the number of poles. The rotor of the VRVM moves at a sub-multiple of the angular velocity of the stator mmf. The multiplying factor is P/R. The authors previously reported that a VRVM can be analyzed as a three-phase reluctance motor, and obtained the voltage equations on the γ−δ axis and an expression for the torque. However, the loss separation of a VRVM is not yet clear. In this paper, the iron loss of VRVM is analyzed by the finite element method and compared with experimental values.