This paper focuses on the modeling and analysis a novel two-axis rotary normal-stress electromagnetic actuator with compact structure for fast steering mirror (FSM). The actuator has high force density similar to a solenoid, but its torque output is nearly a linear function of both its driving current and rotation angle, showing that the actuator is ideal for FSM. In addition, the actuator is designed with a new cross topology armature and no additional axial force is generated when the actuator works. With flux leakage being involved in the actuator modeling properly, an accurate analytical model of the actuator, which shows the actuator’s linear characteristics, is obtained via the commonly used equivalent magnetic circuit method. Finally, numerical simulation is presented to validate the analytical actuator model. It is shown that the analytical results are in a good agreement with the simulation results.