An axial flux machine includes a modulated stator, a rotor, and a plurality of spacers. The modulated stator includes plural stator units. Each stator unit includes a magnetic core and at least one winding. The magnetic core has first plate, a second plate, and a sidewall connecting the first plate to the second plate, and the winding is disposed on the magnetic core. The stator units construct the modulated stator. By modulating the stator, the slot fill factor and the cogging torque performance can be improved. The spacers are disposed to isolate the magnetic cores. The rotor is disposed in the modulated stator and includes plural first magnetic pieces and second magnetic pieces arranged alternately, and the magnetic flux lines of the first and second magnetic pieces respectively pass through sidewalls of the magnetic cores to construct C-type magnetic loops of opposite directions thereby improving power density.