A new induction heating device is presented in this paper. This device can convert mechanical energy into heat energy by utilizing eddy currents, which are induced by rotating permanent magnets. A mathematical model is established for estimating eddy-current loss of the device. The distribution of induced currents and the resultant magnetic field intensity are considered in the process of modeling the eddy-current loss and so is the mutual influence of the electric field between neighborhood pole projection areas. Particularly, the skin effect is considered by correcting the numerical integral domain of eddy current density, which has great effect on the calculating results. Based on specific examples, the effectiveness and correctness of proposed model are proved by finite element analysis. The results show that the mathematical model can provide important reference for design and structure optimization of the device.