The levitation stability of a Maglev vehicle utilizing electromagnetic suspension is primarily influenced by the deformation, roughness, and vibration of the guideway. Optimum design for both the vehicle and the guideway is desirable in order to reduce guideway construction cost, while meeting requirements for stability and ride quality. This paper presents an analysis of the levitation stability of the UTM-01, an urban Maglev vehicle, using a numerical simulation. The ODYN/Maglev, a dynamics analysis program, is used to simulate dynamics to evaluate the stability. A running test of the UTM-01 is also carried out to verify the results of the simulation. Using the simulation results, the levitation stability of the UTM-01 can be numerically analyzed at a variety of vehicle speeds.