The electromagnetic suspension high-speed maglev train system uses long-stator linear synchronous motors (LLSMs) as levitation and traction mechanisms. In this paper, the modeling and simulation of the traction power supply system for the maglev train are performed. The simulation models include transformers, converters, variable-length cables and LLSMs of both two sides and two ends; meanwhile, the corresponding control and segmented power supply strategies, including the two-step method and three-step method, are implemented. Based on the system model, the operational performance of the high-speed maglev power supply control system is verified, and the fault performances under open circuit and short circuit are also analyzed. The whole simulation modeling and results have important reference significance for the research of high-speed maglev technology.