In this paper, a novel bearingless switched reluctance motor (BLSRM) with double stator is proposed. This motor has two stators. Torque stator is outside, which mainly produces rotational torque. Radial force stator is inside, which mainly generates radial force to suspend the rotor. A novel structure and operating principle are presented. And characteristics of the proposed structure such as magnetic flux distribution, inductance, torque and radial force are analyzed through finite element method. From the analysis, the proposed BLSRM has linear characteristic of radial force and independence from torque current.