In this paper, a new field-modulated permanent magnet (FMPM) machine with an improved rotor is proposed and analyzed. The proposed FMPM machine enjoys the advantages of high PM utilization and better heat dissipation. For a fair comparison, the proposed FMPM machine is designed with the same geometrical parameters based on the existing FMPM machine. The electromagnetic performances of existing FMPM (E-FMPM) machine and proposed FMPM (P-FMPM) are compared and analyzed by using finite element method, verifying that the proposed FMPM machine with an improved rotor can obtain high torque density and high PM utilization.