When a medium–low-speed (MLS) maglev train is braking, part of its regenerative braking (RB) power consumption may cause a significant rise in the positive rail (PR) voltage. For RB energy re-utilization, an RB energy feedback system (RBEFS) is a promising application, but there is still no specific research in the field of MLS maglev trains. From this perspective, this article focuses on identifying the PR voltage rise behavior and investigating the application of an RBEFS on the over-voltage inhibition. Some development trends of the MLS maglev train, including the DC 3 kV traction grid system and the speed being raised to 160~200 km/h, are also considered in the analyzed scenarios. At first, a modeling scheme of a detailed vehicle–grid electrical power model with the RBEFS is established. On this basis, the PR voltage rise characteristics are analyzed with consideration of three pivotal influencing factors: RB power, PR impedance and supply voltage level. Subsequently, to stabilize the PR voltage fluctuations, the influence rules of the RBEFS on the voltage rise and the mutual transient voltage influences under the operating status switching for multiple vehicles running on the same power supply section are analyzed.