Axial field flux-modulation permanent magnet (AF-FMPM) machines have been developed for direct drive applications such as wind power generation, HEVs, and railway traction. However, the existing studies on AF-FMPM machines are limited to the PM rotor structure, and less research has been carried out on AF-FMPM machines with PM stator structure. This paper studies two axial field flux-modulation permanent magnet (AF-FMPM) machines, i.e., NS or NN type, which all consist of the same stator and rotor structures but the dual identical outer surface-mounted PM stators face each other in different position. A comprehensive theoretical analysis and global optimization of the AF-FMPM machine based on ANSYS Maxwell 3-D FEA is presented. The performance comparisons between the AF-FMPM machine (NS) and AF-FMPM machine (NN) are presented, including the influence of the critical structural dimensions on the machine performance, phase flux linkage, phase back EMF, cogging torque, and average torque performance. The results show that the phase back EMF and average torque of the AF-FMPM machine (NS) are more sinusoidal and higher than that of the AF-FMPM machine (NN). Furthermore, the NS type machine shows the non-saliency characteristics, while the NN type machine is the salient machine.