This paper describes how to construct a low-cost magnetic levitation system (MagLev). The MagLev has been intensively used in the engineering education, allowing instructors and students to learn through hands-on experiments essential concepts, such as electronics, electromagnetism, and control systems. Built from scratch, the proposed MagLev depends only on simple, low-cost components readily available on the market. In addition to showing how to construct the MagLev, this paper presents a semi-active control strategy which seems novel when applied in the MagLev. Experiments performed in the laboratory have compared the proposed control scheme with the classical PID control. The corresponding real-time experiments illustrate both the effectiveness of the approach and the potential of the MagLev for education.