High-temperature superconducting (HTS) magnetic levitation (maglev) trains for designed high speed need a non-contact braking method that can produce stable and sufficient braking forces to ensure the safety of the train during emergency braking. In order to study the braking effects of permanent magnet eddy current braking (PMECB) used in HTS maglev vehicles and its effects on the levitation performance of HTS maglev vehicles, an equivalent two-dimensional simulation model of PMECB for a HTS maglev test vehicle under different working air gaps of 5 mm, 10 mm, 15 mm and 20 mm was established in Maxwell software. Then, a 6 degree of freedom dynamic model of the vehicle was established in Universal Mechanism software. In the dynamic simulation, the normal force of PMECB was not considered, and only the detent force of PMECB was taken as the excitation of the vehicle. The simulation results show that PMECBs can reduce the vehicle to relatively low speed in a few seconds. During the operation of PMECBs, the levitation height and levitation force of the maglev Dewar will be affected, and maximum variations in levitation heights and levitation forces occur on the Dewars at both ends of the vehicle. These help us to understand the braking and levitation performance of HTS maglev vehicles under the action of PMECBs and enrich the design idea of braking and levitation systems of HTS maglev vehicles equipped with PMECBs.