This paper proposes a hybrid permanent-magnet coaxial magnetic gear with reduced rare-earth permanent-magnet utilization and improved torque quality. The proposed radial-flux topology employs an asymmetric inner rotor incorporating NdFeB and ferrite permanent-magnets in a series–parallel magnetic circuit, combining Spoke- and V-type magnet arrangements to improve magnetic-flux utilization. An advanced configuration with strategically positioned flux barriers is further developed to mitigate leakage flux and cogging torque. A multi-objective genetic algorithm coupled with finite-element analysis in ANSYS Maxwell 2021-R1 is employed to optimize torque capability, cogging torque, and permanent-magnet-material volume. The optimized configurations are evaluated using 2-D and 3-D finite-element analysis, including electromagnetic performance, flux-density harmonics, and loss characteristics, with 3-D analysis accounting for axial leakage flux and end effects. Compared with the benchmark configuration, the advanced coaxial magnetic gear reduces the cost-equivalent permanent-magnet volume by 15.7% and the high-speed rotor cogging-torque index by 73.7% in 2-D FEM and 73.3% in 3-D FEM, while maintaining comparable average torque and active volume. The 3-D torque per cost-equivalent permanent-magnet volume increases from 153.23 to 185.96 kNm/m³, corresponding to a 21.36% improvement. The advanced topology also reduces high-order harmonic components and hysteresis and eddy-current losses. Transient structural finite-element analysis predicts a maximum rotational speed of approximately 10500 rpm based on a 350-MPa yield-strength criterion. Experimental measurements yield a maximum static torque of 7.61 Nm, compared with 8.48 Nm from 3-D finite-element analysis, corresponding to a 10.2% discrepancy. These results demonstrate improved permanent-magnet-material utilization and torque quality while maintaining comparable torque performance.