A systematic analysis and investigation of the electromagnetic field characteristics in radial magnetic levitation bearings is conducted using the finite element simulation methodology. A mathematical model of electromagnetic force for a single magnetic pole is established to derive the relationship between electromagnetic force and parameters such as current and air gap. Finite element simulations conducted via COMSOL multiphysics yield results that are consistent with theoretical calculations, while further analyzing magnetic field distribution, air gap flux density, and electromagnetic force characteristics under saturation conditions, thereby effectively compensating for errors in theoretical computations. This study demonstrates the effectiveness of the finite element method in the design and optimization of magnetic levitation bearings, providing a more precise and reliable analytical approach for practical engineering applications.