The controllability and observability of parallel magnetic suspension systems are investigated analytically. A parallel magnetic suspension system has multiple floators and electromagnets driven by a single amplifier. In this paper, the multiplicity is set to an arbitrary counting number n. Parallel systems are classified into four types based on the output of the power amplifier and the connection of the coils. This paper treats three of them: current‐controlled with series‐connected coils; voltage‐controlled with series‐connected coils; and voltage‐controlled with parallel‐connected coils. The conditions of controllability and observability of each system are clarified. The feasibility of parallel magnetic suspension is demonstrated by simulations and experiments.