A magnetic floating paper towel holder consists of a magnetic stand that has magnetic blocks installed at four corners and four sides and a magnetic paper towel holder which has two magnetic wheels and one magnetic connecting tube. The magnetic polarity of the stand magnetic blocks, the magnetic wheels and the magnetic connecting tube is properly arranged to create a repelling force against each other between the stand magnetic blocks and the magnetic paper towel holder. Therefore, the magnetic paper towel holder floats in air when it is placed on top and in the middle of the magnetic stand.