A new permanent magnet bias axial magnetic bearing (PMAB) is introduced, then the structure and operation principle are analyzed. The equivalent magnetic circuit is established to deduce the mathematic expression. The parameter design and calculation of the magnetic bearing are presented including available area of magnetic pole, ampere - turns of control coils etc. The parameters of the proposed prototype are also given. The 3-D magnetic field simulation is performed by using the Finite Element software. The theory analysis and the simulation show that the maximum suspension magnetic force satisfies the design requirement. The magnetic suspension forces have better linearity and symmetry around the balanced position. Therefore, the proposed PMAB is suitable for the high speed or low loss occasions.