Conventional stator–magnet moving−iron transverse−flux linear oscillatory machines (CSMTLOMs) are widely applied in directly−drive reciprocating devices due to the merits of easy fabrication and robust mover. However, in order to keep the mover vibrating at a certain resonance frequency to save the energy and enlarge the output power, they still suffer from a higher requirement on spring stiffness due to their thick and heavy mover core, which would also narrow the frequency band with a high power factor due to the large inertial energy storage of the heavy mover. Hence, to reduce the mover core weight to reduce the demand of the spring and improve the operation performance, an improved linear oscillatory machine featured by a spoke−type interior permanent magnet inner stator (ISMTLOM) is proposed. Benefiting from its separated two stators, the tangential flux in the radial plane can return through the inner stator core, so that the yoke of the mover core can be eliminated directly. Then, to analytically investigate the influence of the special axial local saturation effect, the segmental equivalent magnetic circuit (EMC) model of the ISMTLOM is established, wherein a saturation coefficient is introduced to quantitatively consider the local saturation effect on the output force. Consequently, several important size parameters are optimally selected when keeping the same outer diameter and copper loss as that of the CSMTLOM. Afterward, the three−dimension finite element algorithm (3D FEA) is adopted for the electromagnetic performance validation and comparison. Finally, it is found that the nonlinear segmental EMC corrected by the saturation coefficient can quickly predict the output force more accurately within the wide load range, and benefiting from the topology improvement, the ISMTLOM has the merits over the CSMTLOM in its smoother output force, much lighter mover core, and less demand of mechanical spring stiffness, whilst preserving the similar output force density.