This　paper　proposes　a　novel　separated　excitation　axial　field　hybrid　permanent　magnet　memory　(SE-AFHPMM)　machine　with　high　torque　density　and　excellent　flux-adjustment　capability.　The　topology　and　operating　principle　of　the　proposed　machine　are　presented.　Comparisons　are　made　on　the　machine　with　different　slot/rotor　pole　combinations　in　terms　of　torque　capacity　and　flux-adjustment　capability　by　3-D　finite　element　analysis.　It　is　found　that　higher　torque　density　and　better　flux-adjustment　capability　can　be　achieved　by　the　proposed　12/10　machine.　Moreover,　the　PM　torque　is　the　primary　component　of　the　output　torque　in　the　flux-enhanced　state,　whereas　in　the　flux-weakened　state,　the　reluctance　torque　exhibits　an　important　role　and　becomes　the　main　component　of　the　output　torque.　Finally,　to　evaluate　the　contribution　of　different　PMs　to　the　output　torque,　frozen　permeability　method　is　used　to　separate　PM　torque　components　for　both　types　of　PMs.　The　results　reveal　that　the　torque　contributed　by　the　AlNiCo　of　the　12/10　SE-AFHPMM　machine　is　the　largest　in　the　total　output　torque,　which　is　suitable　for　various　magnetization　occasions.