This paper describes the levitation mechanism using magnetic wheel for a maglev planar transportation system. Rotation of the magnetic wheel where the permanent magnet array is embedded produces the time varying traveling magnetic flux density and the generated magnetic flux density creates the induced levitation force and drag force with the conductor. Because the net drag force is zero, magnetic wheel can only generate the levitation force. Thus, it always guarantees the stability in levitation direction and it does not disturb other directional motion. In this paper, levitation principle of the magnetic wheel is analyzed using distributed field approach and dynamic characteristics of the levitation in the magnetic wheel system are estimated. The feasibility of the proposed levitation mechanism is verified through the several experimental works.