<p>The permanent magnet synchronous machine with integrated motoring and generating windings (PMSM-IMGW) has shown promising potential for application in microgrid power supply system due to its advantages of high torque density and real moment of inertia. The output voltage of the machine is affected by the armature magnetic fields of both motoring windings (MWs) and generating windings (GWs), as well as the permanent magnet (PM) field, resulting in complex electromagnetic coupling characteristics. This characteristic brings great difficulty to the performance analysis of the PMSM-IMGW. To explore the main factors affecting the quality of the output voltage, the relationship between output voltage and air-gap magnetic field is derived using the flux linkage method and magnetomotive force (MMF) analysis. Then, the spatial distribution characteristics of armature MMF with different winding configurations are analyzed, and the influences between harmonics of the MMF on output voltage are investigated. Next, the output voltage under different power and the loss and efficiency are analyzed. Finally, the validity of the theoretical analysis is verified through finite element analysis (FEA) and experimental results.</p>