This paper presents a novel variable stiffness isolator designed by magnetic springs in parallel with linear positive stiffness spring. Firstly, the two-degree-of-freedom vibration system model with variable stiffness magnetic isolator is established. The amplitude frequency characteristic equation of the system is derived based on the multi-harmonic method, and the corresponding curve of the relationship between the amplitude and frequency is given. The influence of the current on the curve is researched. Results showed that there are two pseudo-resonant peaks in the amplitude–frequency curve, and one is in the low frequency band, the other exists in higher frequency band. The first peak does not exhibit the frequency shift, but the second one bends to the natural frequency obviously. With the increasing of the current, the peaks decrease and the backbone curve changes greatly for the second resonant crest. The Lyapunov exponent curve around the resonant frequency is calculated. It is shown that there is chaotic parameter region for the system, and chaos can be controlled with the variable stiffness magnetic vibration isolator according to this research, which is beneficial to the design of nonlinear vibration isolation system.