In this paper, a novel approach is proposed for adjusting the position of a magnetic levitation system using projection recurrent neural network-based adaptive backstepping control (PRNN-ABC). The principles of designing magnetic levitation systems have widespread applications in the industry, including in the production of magnetic bearings and in maglev trains. Levitating a ball in space is carried out via the surrounding attracting or repelling magnetic forces. In such systems, the permissible range of the actuator is significant, especially in practical applications. In the proposed scheme, the procedure of designing the backstepping control laws based on the nonlinear state-space model is carried out first. Then, a constrained optimization problem is formed by defining a performance index and taking into account the control limits. To formulate the recurrent neural network (RNN), the optimization problem is first converted into a constrained quadratic programming (QP). Then, the dynamic model of the RNN is derived based on the Karush-Kuhn-Tucker (KKT) optimization conditions and the variational inequality theory. The convergence analysis of the neural network and the stability analysis of the closed-loop system are performed using the Lyapunov stability theory. The performance of the closed-loop system is assessed with respect to tracking error and control feasibility.