In coaxial magnetic gear (CMG), magnetic modulation ring is composed of a modulator and a connecting bridge. The torque performance of the magnetic gear is affected by the different structures of the magnetic modulation ring. In this paper, fifteen different kinds of magnetic modulation rings with different structures are proposed; they consist of three different shapes of modulators and five different locations of connection bridges. By using the two-dimensional finite element method (FEM), the magnetic flux density, magnetic line distribution, static torque, and steady-state torque of the CMG with different structures of magnetic modulation ring are analyzed. The results show that the innermost bridge has the least effect on the torque and torque ripple of the CMG, while the outermost bridge has the opposite effect. The torque capacity of the circular modulator and arc modulator is higher than that of the square modulator, and the circular modulator helps to reduce the inner torque ripple, while the square modulator helps to reduce the outer torque ripple. This paper can provide some references for the design of the magnetic modulation ring.