Flux-reversal permanent-magnet (FRPM) machine has gained more and more attention in the recent years due to its several advantages, such as simple rotor structure and easy heat management. In this paper, the iron loss either in no-load and on-load condition is modeled, taking the rotational magnetization, DC-biased magnetic induction, minor hysteresis loops, and PWM carrier harmonics into consideration. Then, PM eddy current loss is calculated. Finally, in order to verify the results, two prototype machines are manufactured, and both the no-load and on-load test are conducted. The results show that PM loss in 6/8 FRPM machine with m1 is close to that with m2, while iron loss in 6/8 FRPM machine with m2 is larger than that with m1.