In general the Maglev vehicle is run over the elevated track called guideway. Since the guideway is elevated, the flexibility of the guideway has an effect on the dynamic responses of a vehicle such as its stability and ride quality. To improve the running performance of the Maglev vehicle and design a cost effective guideway using the dynamic analysis, the dynamic analysis of the system requires the coupling model of the Maglev vehicle and guideway. A coupling model based on multibody dynamics is proposed and programmed. With the program, the UTM01, a low speed Maglev vehicle, is analyzed and discussed.