This paper presents the characteristic analysis method of PMLSM based on the Space Harmonic Analysis method considering the effect of stator slots. The magnetic field for unslotted primary can be easily calculated by the conventional space harmonic analysis method and the resultant magnetic field including slot effect is obtained using the concept of the virtual Equivalent Magnetizing Current(EMC) on primary core. And the influence of space harmonics in airgap flux density and static thrust due to slots is evaluated. In this paper, the results of the analytical method are compared with not only the experimental ones but ones of FEM to verify the validity of the proposed method.