Permanent magnet synchronous machines (PMSMs) operation above base speed is typically achieved by injecting negative d-axis current to produce flux weakening. However, this mode of operation increases copper, stator/rotor core and permanent magnet (PM) losses, penalizing the efficiency and increasing the risk of demagnetization. Variable Flux PMSMs (VF-PMSM) in which PMs are magnetized/demagnetized during normal operation of the machine have been proposed to avoid the use of flux weakening current.However, PM aging due to magnetization/demagnetization cycles has not thoroughly studied yet. This paper analyzes the variation of NdFeB, SmCo and AlNiCo PMs properties, including magnetic, electric and thermal, resulting from magnetization/demagnetization cycles. 1