An X-band high-power microwave (HPM) oscillator packaged with permanent magnets is proposed. The oscillator employs a radially non-uniform modulation cavity structure to enhance the modulation depth of the electron beam, thereby improving the conversion efficiency of the device. Verified by particle-in-cell simulation, the device achieves an HPM output at X-band with a frequency of 9.38 GHz and power of 3.1 GW, corresponding to a power efficiency of 44.5%, under the conditions of a permanent magnet field of 0.4 T, a diode voltage of 600 kV, and a beam current of 11.6 kA.