In order to solve the strong coupling problem of a traditional bearingless switched reluctance motor (BSRM), this paper proposes a new type of hybrid excitation double stator BSRM (HEDSBSRM). The new motor can realize self-decoupling between torque and suspension force. In addition, the two degrees of freedom suspension force can also be decoupled. First, the topology of the motor is proposed, and the generation mechanism of suspension force and torque are expounded. Second, the torque winding structure is optimized. The multi-objective sensitivity optimization design method is used to screen out the key structural parameters that have the greatest influence on the average suspension force, average torque, and core loss. Then, the optimal structural parameters are obtained by the control variable method. Finally, based on the optimized motor, the finite element method (FEM) is used to analyze the electromagnetic characteristics including the suspension force, torque, and coupling of the motor. The simulation results verify the correctness of the proposed design method and analysis of motor performance.