This paper presents a novel permanent magnet (PM) bias hybrid thrust magnetic bearing (HTMB), which can be used to replace the traditional thrust magnetic bearings (TMBs) for high-speed rotating machinery. By adding two PM rings and by reducing the number of the control coils by half, this HTMB eliminates the bias current, reduces the number of amplifiers, and minimizes the magnetic bearing’s structure complexity and power consumption. The analytical modelling method of the HTMB is presented in this paper. Mathematical models for calculating the magnetic force capacity and the stiffnesses of this bearing are derived as simplified formulae, which can be used for the design, analysis, and control of this bearing. Electromechanical characteristics of the HTMB are analyzed, which is compared to the traditional TMB to demonstrate the advantages of the HTMB. The prototype of the HTMB is designed, analyzed, and fabricated, whereas, the 2-D FEM is used to verify the design and the analytical model. Finally, an experimental setup is constructed and tested. The analytical and experimental results indicate that the proposed novel topology of this HTMB is feasible and the presented analytical model is accurate.