This paper proposes a novel flux-reversal hybrid magnet memory machine (FR-HMMM), which is geometrically characterized by consequent-pole hybrid magnets mounted on the stator poles. The low-coercive-force (LCF) permanent magnets (PMs) are alternately placed between the adjacent stator slots, while the rare-earth NdFeB PMs are located on the center of stator pole. Due to the consequent pole configuration, this new topology has the advantages of reduced flux leakage and equivalent active air-gap length, as well as increased torque density compared to the conventional FR counterparts. Meanwhile, this new machine benefits from excellent flux regulation capability with negligible excitation loss since the LCF magnets can be freely magnetized or demagnetized via a current pulse supplied by dc coils wound on the LCF PMs. In addition, the existence of iron pole on the stator surface minimizes the armature demagnetization risk. The machine topology and operating principle are introduced based on the conventional FR structure. Afterwards, the simplified magnetic circuits are developed to unveil the operating principle and optimize the PM hybrid ratio. The design optimization of the proposed machine having various stator/rotor pole numbers is performed. The electromagnetic characteristics of the optimized model are compared with those of the conventional PM counterpart, which confirm the advantages of the proposed design.