Considering the time-varying magnetic coupling stiffness caused by the component eccentricity, the parametric vibration model of the field modulated magnetic gear (FMMG) system is founded and the corresponding dynamic differential equations are deduced. The expressions of the combination resonances are worked out when the excited frequency is close to the combination frequency between the meshing frequency and the natural frequencies, and the resonance responses are discussed. The results show that the resonance amplitudes are much bigger when the excited frequency is close to the combination frequency between the meshing frequency and the natural frequency of the inner rotor torsional mode than when the frequency is close to other combination frequencies. Meanwhile, because the magnetic coupling stiffnesses are much smaller than the supporting stiffness, the resonance displacement of only one degree of freedom is always much bigger than the displacements of other degrees of freedom. The combination resonances make the stability regions of the FMMG system decrease and worsen the dynamic characteristics. All these can lay the foundation for the parameter optimization of the FMMG system