A method and a controller for controlling a magnetic bearing device, in which a rotor is suspended for rotation around a shaft, are disclosed. Sensor signals are transformed to yield tilt displacement signals (Sθx, Sθy) which correspond to tilting displacements of the shaft in predetermined directions (x, y). From the tilt displacement signals (Sθx, Sθy), tilt control signals Aθx, Aθy) are derived; these are transformed to yield actuator control signals for driving electromagnetic actuators in the magnetic bearing device. According to the invention, tilting displacements for which the tilt vector rotates about the device axis (z) with a first predetermined sense of rotation are controlled separately from tilting displacements for which the tilt direction vector rotates about the device axis (z) with a second sense of rotation opposite to the first predetermined sense of rotation. In this way, control of nutation and precession can be achieved without influence from blade vibrations or shaft bending modes.