The nonlinear dynamics are studied for an active magnetic bearing (AMB) system under the low-frequency sinusoidal excitation, which can affect the operational stability of a high-speed magnetic bearing. A single-degree-of-freedom nonlinear dynamics model of magnetic bearing was developed with a c-type active magnetic bearing as the research target. The characteristics of the magnetic bearing system show positive and negative stiffness for different feedback gains. The amplitude–frequency response curves of the vibration characteristics of the positive stiffness magnetic bearing system were obtained by using the method of multiple scales. The influence of each parameter on the resonance amplitude and nonlinearity of the magnetic bearing system is understood by analyzing the amplitude–frequency response curve. The bifurcation diagram for the rotor with rotor mass, and control parameters is derived from the numerical simulation of the negative stiffness magnetic bearing system. The parameter intervals that cause single-cycle vibration, double-cycle vibration, and chaotic state of the magnetic bearing rotor are discovered by analyzing the bifurcation diagrams of each parameter. The simulation results show that the magnetic bearing system exhibits complex nonlinear dynamic characteristics when it is a negative stiffness system.