A high pressure magnetic drive for autoclaves and the like having a novel structure including magnetic thrust bearings. The magnetic drive comprises a tubular nonmagnetic housing securable at an open end to an opening in a pressurizable vessel. A sheave or sleeve coaxial with the housing is mounted rotatably thereto. A driven shaft is journaled in the housing. Circumferentially magnetized rare earth cobalt magnets are mounted in the sheave. The driven shaft has circumferentially magnetized rare earth cobalt magnets secured thereto. The magnets on the sheave and circumferentially magnetized magnets on the driven shaft enable the magnetic transfer of torque. At least one annular rare earth cobalt magnet being axially polarized is secured to the driven shaft. The nonmagnetic tubular housing has at least one annular rare earth cobalt magnet being axially polarized associated therewith to cooperate with the axially polarized magnet on the driven shaft to maintain the axial position of the shaft.