In this paper, a type of novel composite structure coil applied in the coreless stator is proposed and studied to improve the output performance and efficiency of the axial flux permanent magnet (AFPM) machine. In which the effective conductor is changed to be wedge-shaped by the rolling technology so that the turns of coils and filling factor can be further increased, and the ends are kept in the cylinder with a larger diameter to reduce the DC copper loss. Meanwhile, the air region between the double rotors of the machine is also modified to be wedge-shaped, which fully matches the proposed coils and shortens the air gap length. The advantages of performance can be verified by the three-dimensional (3D) finite element analysis (FEA) and analytical method so that the output characteristics of no-load and load can be improved, and the DC copper loss and eddy current loss of coils can be reduced. The coreless AFPM machine finally performs a high efficiency of 95.34% according to these valuable optimizations.