This paper proposes a new dynamic model of the aerostatic spindle, including radial and thrust bearing. The engineering calculation method of the hydrodynamic equation of the hydrostatic spindle is studied, and its validity is verified by comparing with the finite difference calculation results. Moreover, the dynamic model of the spindle is based on the lumped mass method, considering the gyroscopic effect, and through coupling with the bearing, a multi-degree-of-freedom fluid–structure interaction nonlinear dynamic model is constructed. This paper is the first to take the influence of the tilting motion of the spindle on the dynamic characteristics of the aerostatic bearing into consideration, and the engineering calculation method is used to solve the dynamic equation of the spindle in real-time. On the basis of the Runge–Kutta method, which is used to obtain the dynamic response of the spindle, this research studied the effects of air film thickness, radial bearing length, and air supply pressure on the motion response of the spindle system comprehensively.