This paper proposes an analytical levitation force computation method using the equivalent magnetic circuit (EMC) of a controlled-permanent magnet (CPM) levitation system that has potential applications in a magnetically levitated vehicles. The airgap field and levitation force characteristics of the CPM are investigated using the EMC, considering airgap fringing and leakage flux path for longitudinal and lateral direction surfaces. The computation results are validated using finite-element analysis and experimental results. The levitation performance was tested using a dynamic force test facility, which confirms the validity of the EMC computation scheme for the description of a CPM levitation system.