Electromagnetic levitation system (EMLS) is inherently unstable and strongly nonlinear in nature. A cascade lead compensation control scheme utilizing inner current loop and outer position loop has been designed and implemented for stabilization of a single magnet based single axis levitation system. The prototype has been successfully tested and stable levitation has been demonstrated at the desired operating gap. The dynamic performance of the controller has been studied experimentally by applying different disturbance inputs (square wave, sinusoidal etc.) with increasing magnitudes and frequencies. The effect of different basic parameters of the levitation system on the performance of the designed controller has also been observed. ©2008 IEEE.