The fault of a control loop can occur when a high-speed maglev train is running on guideways, which will affect the dynamic responses of the maglev train and guideway and is one of the controlling cases in the design of guideway functional parts. To study the dynamic response of the vehicle and guideway when a control loop failure occurs, first, a spatial coupling vibration model, which includes the three-dimensional (3D) maglev trains, guideways, piers and electromagnetic force based on the proportional-derivative (PD) controller, is proposed, and the electromagnetic force model for a control loop failure is presented. Second, the effectiveness of the coupling vibration model is verified based on the measured results of the Shanghai maglev line (SML). Finally, the dynamic responses of maglev train and guideway are discussed under a suspension magnet or guidance magnet with a control loop failure, and the influences of the location of the fault, the weight of the vehicle and the preload of the guidance system are analyzed. The most disadvantageous load value acting on the functional parts in case of magnet failure is obtained. The results show that the dynamic responses of the maglev train with a control loop failure will vary due to the location of the fault on trains and guideways, the weight of vehicle and the lateral preload. Although a control loop failure has little influence on the dynamic response of the guideway, the suspension force or guidance force on guideway will increase suddenly, and this sudden force is far larger than the vehicle static load or lateral preload of guidance magnets.