Based on the magnetic gear effect, the field-modulated permanent-magnet machine (FMPMM) can realize the unequal pole design of the rotor PM field and the stator armature magnetic field. With the advantages of high torque density and high efficiency, the FMPMM has been widely studied in low-speed direct-drive applications. As a kind of machine excited by PMs, the performance of the FMPMM was affected by the demagnetization state. However, the method for establishing the FMPMM demagnetization model based on a finite element analysis (FEA) presented some problems, including tedious repeated modeling work and long calculation time-consuming under fine subdivision. Therefore, in this paper, a six-phase surface-mounted FMPMM was taken as an example, and an equivalent magnetic network (EMN) model was proposed for evaluating the machine performance under demagnetization. In order to realize the rapid establishing EMN models under diverse demagnetization types, the variable coercivity of PM was introduced. Furthermore, for the purpose of improving the calculation accuracy and shortening the calculation time, the least square method was used in fitting and analyzing the discrete results. Then, in order to verify the validity of the proposed EMN model, a prototype was fabricated and a testing platform was built. The air-gap flux density and the no-load back EMF obtained by the FEA, the proposed EMN model, and the experimental testing were compared. The results showed that the proposed EMN model can realize the rapid modeling and accurate analysis of the six-phase surface-mounted FMPMM under diverse demagnetization types.