This article reviews levitation devices using superconductors and magnets. Device concepts and their applications such as noncontact bearings, flywheels, and momentum wheels are discussed, following an exposition of the principles behind these devices. The basic magneto–mechanical phenomenon responsible for levitation in these devices is a result of flux pinning inherent in the interaction between a magnet and a type II superconductor, described and explained in this article by comparison with behavior expected of a perfect conductor or a nearly perfect conductor. The perfect conductor model is used to illustrate why there is a difference between the forces observed when the superconductor is cooled after or before the magnet is brought into position. The same model also establishes the principle that a resisting force or torque arises only in response to those motions of the magnet that changes the magnet field at the superconductor. A corollary of the converse, that no drag torque appears when an axisymmetric magnet levitated above a superconductor rotates, is the guiding concept in the design of superconductor magnet levitation bearings, which is the common component in a majority of levitation devices. The perfect conductor model is extended to a nearly perfect conductor to provide a qualitative understanding of the dissipative aspects such as creep and hysteresis in the interaction between magnets and superconductors. What all these entail in terms of forces, torques, and power loss is expounded further in the context of generic cases of a cylindrical permanent magnet levitated above a superconductor and a superconductor rotating in a transverse magnetic field. Then we proceed to compare the pros and cons of levitation bearings based on the first arrangement with conventional mechanical bearings and active magnetic bearings, and discuss how the weak points of the levitation bearing may be partially overcome. In the latter half, we examine designs of devices using superconductor magnet levitation, focusing more on issues specific to the application. We note that applications of superconductor magnet levitation devices tend to be most attractive in situations where energy conservation is critical. The most advanced in development are flywheel kinetic energy storage systems incorporating superconductor magnet bearings. Variations in the designs to enhance the performance in some specific regards are examined case by case. Next we present a reaction wheel for attitude control on small satellites, similar in overall design to the flywheel kinetic energy storage systems, but with subtle differences in details of emphasis, due to the difference in purpose and environment. Finally, we take a brief look at the case of vibration isolation devices as an example of a rectilinear modification of the more familiar rotational bearing applications.

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