This paper presents the magnetic equivalent circuit analysis of a double-excited, two-degree-of-freedom (DOF) motor. The double-excited, 2-DOF motor is a laminated structure, making it easy to manufacture and giving it simple operating principles. We explain the structure of the 2-DOF motor and analyze the static characteristics using a magnetic equivalent circuit (MEC) to reduce analysis time. The feasibility of MEC analysis was confirmed by experimental results of the tilting, panning motion. We also confirmed the occurrence of holding torque in every motion.