Most magnetic bearings are based on the attractive force between the magnets and ferrous materials. One of the disadvantages of such attractive type magnetic bearings is the instability so that an active control device is necessary to operate bearing successfully. In this study a repulsive type magnetic bearing is analyzed which uses eddy current as a force source. The load capacities are analyzed for the various gap sizes, the rotor velocities and the frequencies of current supplied to electromagnet. Analytic Results show that as the gap size decreases, the levitation and drag forces increase, while the number of poles increasqs, the drag force decreases in the higher linear velocity region. Experimental results show that as the gap size decreases the levitation and the drag force increase, and as the velocity of rotor increases, the drag is larger than the levitation force up to certain velocity. But after that, the levitation is larger than the drag force. As the frequency of the current increases the levitation and drag decreases while the thickness of rotor gets thicker the forces decrease because of increase in eddy current loss.