To achieve the decoupling control of the electromagnetic torque and suspension force in bearingless switched reluctance motor (BSRM), a novel single-winding BSRM with hybrid rotor is proposed (HRBSRM). The HRBSRM is composed of a 12-tooth stator and a hybrid rotor consisting of an 8-tooth salient part and a cylindrical part. Based on virtual displacement method, its mathematical model of suspension force is deduced. According to the motor’s characteristics of full-period suspension, a control method under two-phase conduction is studied. Under this control method, the four teeth of one phase provide the suspension force, and the other phase provides the torque. Decoupling control can be realized by controlling the winding currents of two phases separately. Finally, the dynamic model of the HRBSRM is completed in MATLAB/Simulink system and the simulation results verify the feasibility of the motor’s suspended rotation.