The permanent magnet electrodynamic wheel system is a competitive alternative for the implementation of maglev car due to its levitation–propulsion integration ability. However, the temperature rise of conductive plate may deteriorate the operational performance even result in suspension failure, which underlines the importance of thermal analysis. In this article, the thermal-force coupling analysis is conducted by experiment combined with the co-simulation method. First, the heat resource generated by power loss in the conductive plate is obtained and verified by analytical model, simulation, and experiment, and the lumped thermal model is presented. Additionally, a knowledge of the transient temperature distribution and the variation of electromagnetic forces under different speeds are studied. Eventually, a proof-of-concept prototype of maglev car with its auxiliaries was manufactured and used for further thermal analysis. Temperature management is considered by increasing the volume of conductive plate and cooling the conductive plate via water medium, and a good heat dissipation effect is realized. The results reveal that the levitation forces have a pronounced attenuation because of the temperature, with the percentage of 38.8% and 37.4%, respectively, with respect to the initial room temperature. In low-speed region, the propulsion forces yield a subtle increase while it decreases slightly in high-speed region. Lowering the temperature can be accomplished by increasing the conductive plate volume or adopting water cooling. This article lays a temperature-related co-simulation method and experimental basis, and paves the way for considering the thermal effect in the practical application.