The objective of this study is to realize high-speed and high-accuracy electrical discharge machining (EDM) of micro holes using a combination of a conventional EDM machine and a maglev local actuator. In this paper, the conventional EDM machine and the wide-bandwidth, high-precision, 5-DOF controlled maglev local actuator are combined and cooperatively controlled. Then to accelerate the debris ejection from the machined holes, the driving methods of the axial jump and radial vibration of the electrode are discussed. The experimental results show that the maglev local actuator can adjust the gap between the electrode and a workpiece speedily, and the machining speed is improved by 434.2%, compared with conventional EDM machine. Moreover, by the jump and the circular motion of the electrode, the debris ejection can be accelerated, the abnormal electrical discharge can be avoided, and the machining speed also is improved by 580.3%.