Piezoelectric actuators are characterized by high positioning accuracy, high stiffness and a fast response and are widely used in ultra-precision machining technologies such as fast tool servo technology and ultrasonic machining. The rapid response characteristics of piezoelectric actuators often determine the overall quality of machining. However, there has been little research on the fast response characteristics of piezoelectric actuators, and this knowledge gap will lead to low precision and poor quality of the final machining. The fast response characteristics of a piezoelectric actuator were studied in this work. Firstly, the piezoelectric actuator was divided into a no-load state and a load state according to the working state. A fast response analysis and output characteristic analysis were carried out, the corresponding dynamic model was established, and then the model was simulated. Finally, an experimental system was established to verify the dynamic model of the piezoelectric actuator’s fast response by conducting an experiment in which the piezoelectric actuator bounces a steel ball. The experimental results verify the correctness of the model and show that the greater the cross-sectional area and height of the piezoelectric actuator, the higher the bouncing height of the ball, and the better the dynamic performance of the piezoelectric actuator. It is believed that this study has guiding significance for the application of the dynamic characteristics of piezoelectric actuators in the machining field.