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In this paper, lift and drag forces of permanent-magnet electrodynamic suspension (PMEDS) System have been studied by considering the skin effect. Electrodynamic suspension is based on repulsive force between two magnetic fields with the same polarity. In this research the electrodynamic suspension system consists of a moving permanent magnet block levitated over a flat conducting plate with 2 mm thickness. At first, the analytical model of the PMEDS is proposed. For this propose, permanent magnet poles are modeled by the current sheets. Then the eddy current is calculated on aluminum sheet by considering the skin effect. Finally, the lift and drag forces are calculated in difference speed. The 2D finite element method is utilized to investigate the effect of speed variations on the performance of PMEDS at two different airgap. Two-dimensional finite element model, the accuracy of proposed analytical model is validated. The results of the finite element method are compared with results obtained by analytical model. It shows the accuracy of the analytical model in the estimation of the lift and drag forces of an electrodynamic suspension system.