Considering that maglev trains are affected by factors such as track irregularities, variations in load, external wind loads, and track materials, this paper establishes a suspension system model that takes into account the combined action of periodic and stochastic excitation. It then examines the response and reliability of the suspension system from the perspective of stochastic dynamics. The path integral method is introduced to address the challenges posed by periodic excitation. Expressions for the path integral solutions of the probability density function for the responses and the reliability density function are derived directly from the suspension system. The reliability function and the mean first-passage time are then further derived. Using the path integral solutions, we investigate the effects of stochastic excitation, periodic excitation of the track, and safety domain on the suspension system. Research shows that as the intensity of stochastic excitation increases, the oscillation amplitude of the response also increases, while the reliability of the system decreases. The effect of periodic excitation on the response and reliability of the system is more complex. The most intriguing discovery is that the reliability of the suspension system weakens when the angular frequency of the periodic excitation is close to the system’s natural frequency.