The invention discloses a Lorentz force type magnetic bearing capable of realizing double permanent magnet deflection. The bearing comprises a rotor system and a stator system, wherein the rotor system mainly comprises an outer mounting sleeve, outer magnetic steel, an outer magnetism isolating ring, an outer upper magnetism conducting ring, an outer lower magnetism conducting ring, an outer lower magnetism conducting ring lock nut, a turntable, an outer assembly lock nut, an inner mounting sleeve, inner magnetic steel, an inner magnetism isolating ring, an inner upper magnetism conducting ring, an inner lower magnetism conducting ring, an inner lower magnetism conducting ring lock nut and an inner assembly lock nut; the stator system mainly comprises a stator framework, an aluminum substrate, a winding and epoxy resin glue. The magnetic steel axial magnetization scheme is adopted, the number of magnetic steel turns is reduced, the gap flux density fluctuation caused by uneven magnetomotive force of the magnetic steel is reduced, the paramagnetic effect is realized by the aid of the magnetism conducting rings, the gap flux density fluctuation caused by assembly of the outer magnetic steel and the inner magnetic steel is further reduced, and high-precision deflection control torque can be realized. Besides, a magnetism conducting material is used as a magnetic pole material, precision machining of a magnetic pole surface is facilitated, and requirements for size precision and surface roughness of the magnetic steel are reduced.