This paper discusses the design of a new type fast tool servo (FTS) for precision diamond turning. The FTS has two degrees. One of them is transversal along the Z axis of lathe and the other is rotation around the Y axis. Both of the two movements are driven by electromagnetic force. The moving assembly is designed to be parallel structure for guarantying both of the two movements has similar response frequency and maximum stroke. The output force of normal electromagnetic force generated by magnetic flux bias motor has been calculated. The design of transmission mechanism has been presented. The result of acceleration calculation shows that the FTS achieves acceleration up to about 650G in both directions of movement.