Floating seedling technology was used to propagate banana seedlings. The effects of different substrates, such as wood bran, vermiculite, and Murashige and Skoog (MS) nutrient solution, at different concentrations on the survival rate of banana floating seedlings and the growth of seedling stem, leaf, and root systems were compared. The results showed that banana seedlings treated with MS nutrient solution at one-half or one-third concentration or hydroponically with controlled slow-release fertilizer (0.5–0.6 g/plant) directly added to the wood bran substrate grew the fastest and had the largest number of roots. At 50 days after transplanting, these banana seedlings reached the standard of first-grade packaged seedlings, with the number of expanded leaves reaching 6.6 to 7.6, the width of leaves reaching 6.5 cm to 7.3 cm, and the root system relatively developed. The comprehensive characteristics of the seedlings were all better than those of other treatments. The results of this study have certain reference significance for accelerating seedling growth in greenhouses and large-scale production of disease-free banana seedlings. The banana floating seedling system we developed did not need watering every day and may be simpler than other seedling raising methods.