This work presents the design, FEM based analysis, system modelling, fabrication and elementary experiments on an attraction type electromagnetic levitation prototype using a steel ball. System modelling has been done accurately by evaluation of parameters, determine force, inductance and current vs. air-gap characteristics first using conventional analytical formulation and then using FEM based calculations. These are verified by actual experiments. Excellent correlation between the two sets of results has encouraged the author to consider the possibility of trying to set-up more complex but precise levitation prototypes. Agreement between predicted and measured parameter values also imply that the system modelling is reliable and the set-up fabrication quite alright which leads to accurate design and implementation of controller. A stabilizing controller (lead compensator) has been designed for this simple system and its performance has been FEM-simulated, MATLAB simulated and then practically tested. In this work, all electromagnetic simulations have been done in ANSYS-Maxwell software, system simulations in MATLAB-simulink software and Mathematica unless mentioned otherwise specifically. Finally the complete set-up has been fabricated where a ball has been successfully and steadily levitated.