This paper presents a dynamic modeling method for the indeterminate spindle-bearing system supported by multiple bearings of different types. A spindle-bearing system supported by ball and cylindrical roller bearings is considered. The de Mul’s bearing model is extended for calculating ball and cylindrical roller bearing stiffness matrices with inclusion of centrifugal force and gyroscopic moment. The dependence between spindle shaft reaction forces and bearing stiffness is effectively resolved using an iterative approach. The spindle rotor dynamics is established with the Timoshenko beam theory based finite elements. The spindle reaction forces, bearings stiffness and spindle natural frequencies are obtained with taking into account spindle radial load, ball bearing axial preload and rotational speed effects. The developed method is verified by comparing the simulation results with those from a commercial program.