Abstract: A magnetic bearing utilizes electromagnets together with a permanent magnet to provide controlled radial and axial (thrust) load support of a shaft including a thrust disc, relative to a housing. In one form, the magnetic bearing includes an arcuate ring of high magnetic flux permeability, and a plurality of electromagnet coils circumferentially positioned about the arcuate ring which generate a radially polarized controllable electromagnetic field. A permanent magnet is spaced radially outwardly from the plurality of electromagnet coils and is linked magnetically to the shaft through both a radial air gap and an axial air gap between the housing and the shaft/thrust disc. A pair of electromagnet coils associated with the arcuate ring and circumscribing a portion of the shaft, generate an axially polarized electromagnetic field which links the shaft to the housing through the axial air gap.