To improve the flux regulation range of the Axial–Radial Flux Hybrid Excitation Machine (ARFHEM) and the utilization rate of permanent magnets (PMs), the effects of different length–diameter ratios (LDRs) on the ARFHEM performance are studied. Firstly, the principle of the flux regulation of the ARFHEM is introduced by means of the structure and equivalent magnetic circuit method. Then, based on the principle of the bypass effect, the analytical formulas of LDRs, the number of pole-pairs, and the flux regulation ability are derived, and then the restrictive relationship between the air-gap magnetic field, LDR, and the number of pole-pairs is revealed. On this basis, the influence of an electric LDR on motor performance is studied. By comparing and analyzing the air-gap magnetic density and no-load back electromotive force (EMF) of motors with different LDRs, the variation in the magnetic flux regulation ability of motors with different LDRs is obtained and its influence mechanism is revealed. In addition, the torque regulation ability and loss of motors with different LDRs are compared and analyzed, and the influence mechanism of the LDR on torque and loss is determined. Finally, the above analysis is verified by experiments.