Systems and methods for reclaiming and remagnetizing permanent magnet motors such as may be used in electric submersible pumps. In one embodiment, a method includes removing a permanent magnet rotor assembly from a motor and heating the rotor to burn off the residual oil and evaporate water in between laminations of the rotor and on the rotor surface. The rotor should be heated to a temperature that is above a flashpoint of oil on the rotor and below a Curie temperature of a material of a set of permanent magnets in the rotor (e.g., at least 600° F. for at least 12 hours). The heating may partially or fully demagnetize the permanent magnets in the rotor. The exposed surfaces of the rotor are then cleaned and the permanent magnets in the rotor are remagnetized using a specialized magnetizing fixture.