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This paper deduces an exact model of analytical calculation for the multilayer rotor eddy current losses of high‐speed permanent magnet machines based on the subdomain method. The analytical calculation model solution domain is divided into six parts of subdomains, including permanent magnet, shielding layer, metal retaining sleeve, air gap, slot openings, and windings. The Laplace equation of the air subdomain and the diffusion equation of the eddy current subdomain and the windings subdomain are established with the vector magnetic potential as the independent variable. The eddy current losses of the permanent magnet, shielding layer, and retaining sleeve of the multilayer rotor are calculated considering the slots effect and eddy current reaction. This analytical model is used to study the interfering factors of the multilayer rotor eddy current losses including the shielding layer thickness, carrier ratio, and modulation ratio. Finally, the correctness and regularity of the analytical calculation model are proved by finite element analysis and machine experiment analysis. © 2022 Institute of Electrical Engineers of Japan. Published by Wiley Periodicals LLC. [ABSTRACT FROM AUTHOR]