A magnetic braking and clutch system is disclosed which includes a two piece stator-like housing fixed to an opposing member by means of long stemed bolts passing axially through openings bored along the peripheral edge of the stator-like housing. A plurality of rod-shaped magnets are carried axially within the stator-like housing and is capable of being moved radially towards the center of the housing by a positioning rotor rotatably carried therein. Adjacent to the stator-like housing is a rotor housing carrying a magnetic braking disc having a plurality of bar magnets extending radially from the center thereof. The magnetic braking disk is keyed to one end of a rotatable shaft for axial movement thereon. When the positioning rotor is partially rotated by either manual or automatic means, the magnets within the stator-like housing are radially repositioned such that the magnetic lines of flux will attract the keyed magnetic braking disk and slideably move the rotor along the key and in contact with the external face of the stator-like housing. By reversing the rotational movement of the positioning rotor, the magnetic lines of flux generated by the rod magnets will cause the magnetic braking disk to be repelled and be slideably forced along the keyed shaft away from the magnetic stator and into the rotor housing. Intermediate positioning of the rod magnets produces a partial braking or slipping action corresponding to that realized in conventional clutch devices.