In this paper, the nonlinear and dual-parameter chaotic vibrations are investigated for the blisk structure with the lumped parameter model under combined the aerodynamic force and varying rotating speed. The varying rotating speed and aerodynamic force are respectively simplified to the parametric and external excitations. The nonlinear governing equations of motion for the rotating blisk are established by using Hamilton’s principle. The free vibration and mode localization phenomena are studied for the tuning and mistuning blisks. Due to the mistuning, the periodic characteristics of the blisk structure are destroyed and uniform distribution of the energy is broken. It is found that there is a positive correlation between the mistuning variable and mode localization factor to exhibit the large vibration of the blisk in a certain region. The method of multiple scales is applied to derive four-dimensional averaged equations of the blisk under 1:1 internal and principal parametric resonances. The amplitude-frequency response curves of the blisk are studied, which illustrate the influence of different parameters on the bandwidth and vibration amplitudes of the blisk. Lyapunov exponent, bifurcation diagrams, phase portraits, waveforms and Poincare maps are depicted. The dual-parameter Lyapunov exponents and bifurcation diagrams of the blisk reveal the paths leading to the chaos. The influences of different parameters on the bifurcation and chaotic vibrations are analyzed. The numerical results demonstrate that the parametric and external excitations, rotating speed and damping determine the occurrence of the chaotic vibrations and paths leading to the chaotic vibrations in the blisk.