The problem of time delay speed feedback in the control loop is considered here. Its effects on the linear stability and dynamic behavior of the maglev system are investigated. It is found that a Hopf bifurcation can take place when the time delay exceeds certain values. The stability condition of the maglev system with the time delay is acquired. The direction and stability of the Hopf bifurcation are determined by constructing a center manifold and by applying the normal form method. Finally, numerical simulations are performed to verify the analytical result.