A self-powered lancing drive system and lancing technique uses permanent magnets to initially store the potential energy that is converted to kinetic energy for extending a lancet during lancing. This self-powered lancing drive system is a pure permanent magnet drive that is highly reliable under numerous operating conditions. Permanent magnets can produce stronger magnetic fields at smaller sizes as compared to electromagnets. In one form, the lancing system has a drive permanent magnet that is kept fixed or stationary while the lancet magnet travels along the firing path. With the drive magnet being stationary, the lancet experiences fewer fluctuations in the magnetic field. The lancet vibrates less and is driven straighter into the tissue. In another form, a retraction magnet is positioned at the end of the firing path of the lancet, near the tissue, to enhance retraction of the lancet. In another form, a mechanical structure keeps the magnets in close proximity so that the strength of the magnetic propulsion force is maintained. The mechanical structure in one example is a crank mechanism that confines magnet movement to a circular path. The crank mechanism provides a smooth lancing profile as well as facilitates adjustments to the lancing profile.