In this paper, a novel mechanical variable flux interior permanent magnet synchronous motor (MVF-IPMSM) is proposed. Based on the basic topology and operating principle of MVF-IPMSM, the effect of the special PMs structure in the new rotor topology on the air gap magnetic field and the design of the mechanical magnetic adjustment device of the proposed motor are analyzed, in which the finite element analysis (FEA) method is adopted. The electromagnetic characteristics of the MVF-IPMSM are analyzed including internal magnetic field distribution, air gap flux density, and torque characteristics. Furthermore, the ability of magnetic field regulation is also analyzed which can be reflected by the torque-speed and power-speed envelopes. Finally, a prototype is manufactured and tested. The measured results are compared with the FEA results, and the prototype experiments verify the effectiveness and feasibility of the design of the proposed MVF-IPMSM.