To facilitate the regulation of the air‐gap magnetic field of permanent magnet synchronous machines, a novel topology of a high‐speed hybrid excitation synchronous machine (HESM) was presented. The electromagnetic performance of the proposed HESM was evaluated. The air‐gap magnetic field regulation principle was introduced first. Then, a mathematical model of the HESM was established. Based on the characteristics of a 3D magnetic circuit, the HESM equalled three types of 2D magnetic circuit machines in axial parallel superposition, and thus the expressions of inductance parameters were deduced. Subsequently, the voltage regulation performance of the HESM was assessed according to the mathematical model and inductance parameters. The loss and efficiency were calculated. Finally, a HESM prototype was tested and verified.