In this paper, a novel triple-permanent-magnet-excited vernier (TPMEV) machine with double-stator (DS) is proposed, of which the power density and the torque density are effectively improved to satisfy the operating requirements of low speed and high torque density for direct drive systems. Three sets of permanent magnets (PMs) are placed on the two stators and the rotor, respectively, and the magnetic fields excited by these PMs are modulated to effective magnetic field harmonics with low pole-pair numbers and high speeds based on bi-directional field modulation effect of the non-uniform airgap permeance. Then two sets of armature windings respectively accommodated in two stators are designed according to the effective magnetic field harmonics, thus achieving the coupling between the PM magnetic fields produced by three sets of PMs and armature windings. Firstly, the topology of the TPMEV-DS machine is introduced. Secondly, the airgap flux density of the machine is analyzed based on the equivalent magnetic circuit method, which proves the improvement potentiality of power density and torque density due to the bi-directional field modulation effect. Finally, the performance of the TPMEV-DS machine is calculated and analyzed by the finite element method, verifying the advantages of high power density and high torque density for the direct drive systems.