An active magnetic bearing utilizing a brushless generator which provides electrical energy to the bearing is disclosed. The use of a brushless generator reduces the size, volume, complexity and cost requirements of the total magnetic bearing system. In the preferred embodiments, the brushless generator provides increased output by utilizing air-core coils in place of ferrous coils in regions of the generator which operate at high frequencies. The air-core coils enable the generator to rotate at speeds in excess of 24,000 rpm while continuing to operate efficiently because core losses, due to the use of traditional iron cores (e.g., hysteresis and eddy-currents), are virtually eliminated. Both radial and axial bearings are provided, as well as a method for maintaining magnetic levitation of a rotating member.