In this study, the size effect on the magnetic levitation performance of disk-shaped MgB2 bulk superconductors and permanent magnets was investigated. MgB2 samples with varying diameters of 13mm, 15mm and 18mm, each of which were 2g in mass, were prepared by two-step solid state reaction method. Vertical levitation force measurements under both zero-field-cooled (ZFC) and field-cooled (FC) regimes were carried out at different temperatures of 20, 24 and 28K. It was determined that the levitation force of the MgB2 strongly depends on both the diameters of the sample and the permanent magnet. In ZFC regime, the maximum levitation force value for the permanent magnet and the sample 18mm in diameters reached to the 8.41N at 20K. In addition, in FC regime, attractive and repulsive force increased with increasing diameters of the sample and the permanent magnet. In that, the sample with 18 mm in diameter showed the highest attractive force value −3.46N at 20K and FC regime. The results obtained in this study are very useful in magnetic levitation devices as there is no detailed study on the size of superconductors and permanent magnets.