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Maglev trains are trains which are suspended, guided and propelled (moved forward) by magnetic forces. The track of the maglev train is called the guide-way. Working of the maglev trains can be studied under the following. 1  Levitation. 2  Propulsion. 3  Guidance.
Those magnets are on the track and on the train. The essentially push the train up from the track, making it 'float' or levitate, as in the 'lev' bit on MagLeg. It's a great concept, as, on normal trains (or pretty much most ground transportation vehicles), friction has to be overcome.