With the increasing concerns on more electricity or full electricity for modern energy conversion systems, the key component of electric machine, has been paid more and more attention for the development of the new topologies and advanced drives. In theme an time, the emerging machines and drives show the increasing merits for the modern industrial needs. This paper investigates the latest developments and challenges of electric machines and drives. The key is to discuss and explore the machine topologies, structures, characteristics, operation principles, control strategies, and new applications. Thus, the developing trends and opportunities of the new electric machines and drives can be revealed for modern potential applications.