To better understand the dynamic characteristics of a hydrostatic spindle in fluid‐structure coupling, the impact of oil film slip on the 4 dynamic stiffness and damping coefficients of the spindle is studied. On the basis of modified Reynolds equation, which considers the microscale velocity slip effect, rotation error of the spindle is calculated. To solve the rotor axis orbit under the existence of eccentric quality, 4 dynamic stiffness and damping coefficients of the oil film, which describe the dynamics of a rotor axis orbit, are calculated by using load increment method and the pressure perturbation method. The research results show that velocity slip caused a certain impact on dynamics of bearing stiffness and damping performance. The experiment of the measuring path of the shaft verifies the correct and effect of the orbit of shaft center model.