The effect of time delays occurring in the feedback control loop on the linear stability of a simple magnetic bearing system is investigated by analyzing the associated characteristic transcendental equation. It is found that a Hopf bifurcation can take place when time delays pass certain values. The direction and stability of the Hopf bifurcation are determined by constructing a center manifold and by applying the normal form method. It is also found that a codimension two bifurcation can occur through a Hopf and a steady state bifurcation interaction. Finally, numerical simulations are performed to verify the analytical predictions.