In order to study the settling mechanism of particles in an air–solid magnetically stabilized fluidized bed (MSFB) for separation, we carried out free settling and quasi-zero settling tests on the tracing particles. The results show that the main resistance forces as the tracing particles settled in an air–solid MSFB were motion resistance force and yield force. The motion resistance and yield forces greatly hindered the free settling of the particles by greatly decreasing the acceleration for settling process of the particles. The acceleration decreased from 3022.62 cm/s² to zero in 0.1 s, and in the end, the particles stopped in the air–solid MSFB. The yield force on particles increased with increasing the magnetic field intensity, resulting in decrease of the quasi-zero settling displacement. However, the yield force on particles decreased with increasing the fluidized air velocity, leading to increase of the quasi-zero settling displacement. When the structure and operating parameters of the air–solid MSFB were set up, the yield stress on particles stopped in an air–solid MSFB was a function of diameter and density of particles. The settling displacements of equal diameter particles increased with increasing their densities, and the settling displacements of equal density particles increased with increasing their diameters.