A magnetic motor generator wherein electric power is produced by rotating a one-piece magnetic floating flywheel assembly that rotates in a rolling motion. The flywheel assembly is operated by linear induction motors and is repelled upward by a stationary natural magnet. The floating flywheel assembly magnetic axle rotates inside double magnetic collar bearings, which have repelling stationary magnets to center the axle at speed while moving along a support frame. The floating flywheel assembly will have no physical contact with other components in order to prevent bearing losses at speed. The moving components are also enclosed in a vacuum chamber in order to prevent wind resistance, or windage losses at speed. The floating flywheel assembly rotors rotate inside generator stators in order to generate electric power.