Flux reversal machine with evenly distributed PM (ED-FRM) is proved to have high torque density and smooth torque waveform. To further increase the torque density and reduce the PM usage, a novel flux reversal machine with consequent-pole evenly distributed PM (CPED-FRM) is proposed in this article, whose PM usage is halved compared with that of ED-FRM. The topology and working principle of proposed CPED-FRM is introduced. Moreover, based on finite element (FE) method, the electromagnetic performances of the proposed CPED-FRM are comprehensively investigated and compared with the ED-FRM in terms of no-load, on-load and over-load conditions. Finally, a CPED-FRM prototype is fabricated and tested. The experimental results have validated the theoretical analysis.