Electromagnetic clutches have been widely used in underactuated lightweight manipulator designs as a coupling mechanism due to their advantages of fast activation and electrical controllability. However, an electromagnetic clutch consumes electrical energy continuously during its operation. Furthermore, conventional electromagnetic clutches are not fail-safe in unexpected power failure conditions. These factors have a significant impact on the energy efficiency and the safety of the design, and these are vital aspects for underactuated lightweight manipulators. This paper introduces a bistable electromagnetic coupling mechanism design, with reduced energy consumption and with a fail-safe mechanism. The concept of a bistable electromagnetic mechanism consists of an electromagnet with two permanent magnets. The design has the capability to maintain stable mechanism states, either engaged or disengaged, without a continuous electrical power supply, thus enhancing fail-safety and efficiency. Moreover, the design incorporates the advantages of conventional electromagnetic clutches such as rapid activation and electrical controllability. The experimental results highlight the effectiveness of the proposed mechanism in reducing electric energy consumption. Besides this, a theoretical model is developed and a good correlation is achieved between the theoretical and experimental results. The reduced electric energy consumption and fail-safe design make the bistable electromagnetic mechanism a promising concept for underactuated lightweight manipulators.