A vertical magnetic power generator has a base, a driving shaft vertically mounted in the base, at least one electricity generation module mounted in the base and connected with the driving shaft, and multiple magnetic levitation modules mounted in the base and connected with the driving shaft. Each magnetic levitation module includes a magnetic ring and a conical magnetic block disposed in the magnetic ring. The conical magnetic block and a conical hole of the magnetic ring both taper off from top to bottom. The magnetic levitation modules provide upward axial magnetic levitation forces and radial damping forces exerting toward the driving shaft to allow the driving shaft to balance a total weight applied on the driving shaft. Thus, the driving shaft is able to be vertically levitated in the base magnetically and stably rotates at high speed almost without friction loss and without shifting or vibrating.