A high-temperature superconducting no-insulation (NI) coil, with its self-protection property, high engineering current density and unique demagnetization property, becomes a potential candidate for an electrodynamic suspension (EDS) system. Compared with the applications in high field magnets, the NI coil used in the EDS system is considered as working in a dynamic state, the magnetization loss generated in the NI coil is essential for the design of a cryogenic system. This paper presents the study on AC magnetization loss of NI coils by both numerical and experimental methods. Firstly, a 3D finite element numerical model representing the full geometry of the NI coil is built to analyse the effect of field frequency, field magnitude, as well as the radial characteristic resistance. Then, systematic discussions are conducted to figure out the working mechanism of NI coils. Finally, a calibration-free method testing platform is installed to validate the numerical model, and a modified model is proposed to represent the non-uniform radial characteristic resistance caused by stress distribution. The conclusions of this paper will be used in the future optimization of NI coils and the cryogenic design of the EDS system.