Small permanent magnet generator can be used not only as an emergency power source but also an exciting power source of generator for small generating systems because it does not need the external exciting power source. Especially the air-gap flux density of the buried PM synchronous generator can be increased more than that of the permanent magnet. In this study, the analysis of the small buried type PM synchronous generator is performed. From the phasor diagram considering armature resistance for exact analysis, analytic equations are induced and the efficiency, developed voltage, load current are calculated. The experimental results are compared with the calculated results for the appropriateness.