As the integral carbon fiber slice for a locking device is not easy to disassemble and the one-off locking device can not repeat locking/unlocking in a magnetic bearing flywheel, a novel repeated clamping locking device based on a separate elastic slice as release mechanism was presented. The composition, operating principles and the scheme of elastic slice for the device were introduced. To be equivalent the elastic slice for a cantilever beam-mass mode, the static and dynamic analysis was performed for the device. Upon this, the structure parameters of high sensitivity were selected as design variables, and the structural strength, unlocking force and the first resonance frequency were concerned. Then, the software of multidisciplinary design optimization (iSIGHT) was used for the optimization of elastic slice. The results indicate that the total mass of elastic slices has been reached to the minimum of 207 g corresponding to 10 elastic slices, which is reduced by 56.6% compared with initial mass of 477 g. According to optimization results, a locking device was manufactured and it is verified by sine-swept vibration and random vibration. The verification shows that the locking device can protect magnetic bearing flywheels and has great significance and values for space applications of magnetic bearing flywheels.