Advances in magnetic material, control have contributed to the realization of completely non-contacting relating systems employing magnetic bearings to eliminate the last remaining wear out prone element. Current efforts are being directed more towards reducing the size, weight and complexity of these devices to achieve complete acceptance.The AMB technology has been briefly reviewed including its advantages, components, working principles, cost and performance. Some design and Implementation issues have been also discussed. The taking into consideration the above advantages, the adoption of magnetic bearings in industry will be more economical, efficient and environment friendly compared to the conventional bearings. The authors believe that AMB systems are still relatively more expensive than conventional mechanical bearings; therefore the massive used of AMB in industries is still prohibitive despite of the many benefits offered. The AMBs will still not completely replace conventional bearings in rotating machinery in the near future. However, AMB can find its place well in a limited volume of high performance rotating machines.