Magnetic levitation has been always a very promising field. Due to its versatility, it has garnered interest in field energy harvesting, high speed transportation, and high precision micro-manipulation amongst other fields. However, its application within the sphere of additive manufacturing (AM) has been negligible. Thus, for the first time, the work conducted here works with the development of a novel technique utilizing magnetic levitation for stable suspension for AM. Current AM techniques are heavily dependent on building the part of a substrate. The substrate limits the use of multiple material nozzles and also requires significant post-processing. The use of the principle of magnetic levitation can bypass the need for this substrate. Primary emphasis is placed on the computation of eddy currents and Lorentz force produced from the magnetic levitation system, and also on finding the relevant parameters affecting several output parameters such as position of levitation, force experienced by the object suspended, etc. A temperature analysis is also conducted to ensure that the principles used here are valid. ANSYS Ansoft Maxwell modules are used to determine these input parameters. The work is subsequently validated through the transient module of the same module. The results presented here depict the viability of the system within the AM environment and the successful elimination of the need for a substrate.