From the earliest days, the phenomenon of levitation has always aroused the curiosity of humankind due to its mysterious and unique nature. Levitation systems are particularly interesting because of their non-contact characteristic which provides the possibility to isolate the levitated object from environmental effects like mechanical friction and heat flow. The levitation phenomenon can be realized through various principles. However, magnetic levitation distinguishes itself from the other levitation methods since it is the only one that can truly provide passive and stable levitation, without the help of a feedback system or energy input. This is specifically possible because of the phenomenon of diamagnetism, where the magnetization of a material opposes the external magnetizing field. In this thesis, rigid body dynamics of diamagnetically levitated objects have been studied. To do this, an experimental setup has been designed and implemented to simultaneously actuate and measure the response of the diamagnetically levitating object. With the help of electrostatic actuation and measurement of static and dynamic responses of the system, the magnetic forces on a levitating object have been characterized and used to build a rigid body model of the levitating object. Consequently, the interaction between the trapped charges on the levitating conductor and electrostatic forces that were used for actuation have been observed and modeled in the linear regime. By the integration of the mechanical and electrical model, the trapped charges on a diamagnetically levitated object were quantified by several methods, using statical and dynamical measurements. These endeavours have led to the discovery of a unique dynamical phenomenon: Diamagnetically Levitating Charge Induced Impact Oscillator. With the help of the models constructed along theway, the mechanical and electrical behavior of the phenomenon have been explained. Finally it was concluded that the oscillator is also a mechanical charge carrier which can transfer relatively equal amount of charges periodically, where the frequency of transportation and amount of charges transferred depends on the mechanical, magnetic and electrical properties of the system.