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This study introduces a new structure of the magnetic lead screw (MLS) intended for wave energy conversion (WEC) applications. One of the key challenges in the application of MLS technology for wave energy lies in the manufacturing of its complicated ideal helix. Structural simplification and processing technology are quite essential in promoting the development of the magnet screw. This study proposes a new method for shaping the desired ideal helix in a simple way with parallelly magnetised magnets. This simple structure reduces manufacturing complexity while maintaining good force density. The magnets with parallel magnetisation are also easier and cheaper to manufacture than the magnets with radial magnetisation. A prototype is manufactured and tested in the laboratory. In addition, the electromagnetic performance of the new structure is evaluated as compared with the magnet screw with ideal helix using the three‐dimensional finite element analysis, verifying the advantages of the proposed structure. [ABSTRACT FROM AUTHOR]