According to one embodiment, a permanent-magnet type electric rotating machine has a stator, a magnetizing coil, a rotor and a case. The stator has an armature coil configured to form a magnetic circuit for driving. The magnetizing coil is configured to form a magnetic circuit for magnetizing. The rotor has a constant magnetized magnet, a rotor core and a variable magnetized magnet. The rotor core holds the constant magnetized magnet. The constant magnetized magnet is arranged closer to the magnetic circuit for driving than the variable magnetized magnet. The variable magnetized magnet is arranged closer to the magnetic circuit for magnetizing than the constant magnetized magnet.