A vertically mounted and magnetically driven power generation apparatus has multiple shelves vertically arranged and spaced apart. Each shelf has a through hole tapering downwards. A spindle is mounted through the multiple through holes. A motor driving the spindle and a primary power generator driven by the spindle and located below the motor are mounted around the spindle. Because of the weight of the primary power generator, adding additional weight is not need. A magnetic driven member is mounted around the spindle and located within a corresponding through hole. Multiple magnetic drive assemblies are mounted in inner walls of the multiple through holes. Each magnetic driven member is subject to forces of magnetic repulsion caused by first and second magnetic drive members of a corresponding magnetic drive assembly for the spindle to be rotated under a friction-free condition to enhance torque and rotation speed of the spindle.