In this study, the intrinsic mechanism of aerodynamic effects on the motion stability of a high-speed maglev system was investigated. The concept of a critical speed for maglev vehicles considering the aerodynamic effect is proposed. The study was carried out based on a single magnetic suspension system, which is convenient for proposing relevant concepts and obtaining explicit expressions. This study shows that the motion stability of the suspension system is closely related to the vehicle speed when aerodynamic effects are considered. With increases of the vehicle speed, the stability behavior of the system changes. At a certain vehicle speed, the stability of the system reaches a critical state, followed by instability. The speed corresponding to the critical state is the critical speed. Analysis reveals that when the system reaches the critical state, it takes two forms, with two critical speeds, and thus two expressions for the critical speed are obtained. The conditions of the existence of the critical speed were determined, and the effects of the control parameters and the lift coefficient on the critical speed were analyzed by numerical analysis. The results show that the first critical speed appears when the aerodynamic force is upward, and the second critical speed appears when the aerodynamic force is downward. Moreover, both critical speeds decrease with the increase of the lift coefficient.