This paper presents a twelve-pole heteropolar radial hybrid magnetic bearing (HRHMB) structure. Firstly, the structure and equivalent magnetic circuit (EMC) are designed. And the radial electromagnetic force characteristics are calculated by the EMC model. At the same time, the rationality of EMC model is verified by the finite-element method (FEM) of Magnet software. Then, the 2-D model of the twelve-pole HRHMB is established in Magnet software. The flux density variations of twelve-pole HRHMB and eight-pole HRHMB under different currents are compared by using the FEM. Finally, a method of Magnet-Simulink cosimulation is proposed to analyze the suspension characteristics of the twelve-pole HRHMB and compared with the eight-pole HRHMB. Thus, the effective combination of theoretical analysis, FEM analysis, and Magnet-Simulink cosimulation analysis is realized in the design of HRHMB. The results of Magnet-Simulink cosimulation show that the twelve-pole HRHMB has the advantages of low power consumption, small coupling, large construction dynamic stiffness, and better suspension characteristics than the eight-pole HRHMB.