We studied theoretically and experimentally in this work the nonlinear dynamics of a horizontal magnetic pendulum in a repulsive magnetic field controlled by two coil magnets. The mathematical equations of the system are derived using the magnetic charges interaction model. The system presents a single equilibrium point which is stable if the currents through the coils are positive. Considering the situation where the current through the coils is sinusoidal with a DC component, analytical calculations using the harmonic balance method and numerical simulations are also carried out. The results obtained are shown in terms of amplitude responses, time–displacement diagrams, and phase portraits. The two-parameter bifurcation diagrams are plotted showing the different dynamical behaviors considering the current amplitudes, frequency, angle between the coil magnets, and the modulation indexes as the control parameters. Amplitude jumps, hysteresis, and multistability are also observed. In the experimental part, the modulated current sources that can provide the required current in the coil magnets have been designed and implemented. The complete experimental setup of the magnetic pendulum is also presented. Good agreements are found between our theoretical results and experimental ones.