A bearingless induction motor (BL-IM) is a new type of motor integrating suspension and rotation functions. Higher requirements are put forward for its suspension performance. Due to the material advantages of a new type of amorphous alloy with high magnetic conductivity, low loss and low coercivity, it is considered to be used in the BL-IM rotor to reduce iron loss and improve the electromagnetic performance of the BL-IM. Finite element analysis software is used to analyze the performance of two different kinds of motors with the rotors made of conventional silicon steel and amorphous alloy respectively. The magnetic field density distribution, torque, speed, and radial force are compared between the two motors. The results show that the speed of amorphous alloy motor increases faster, and the rotor has better suspension characteristics. Moreover, the amorphous alloy material has a smaller density; the material properties can effectively reduce the weight of the motor; it is beneficial to the operation of the BL-IM in special environments.