Unbalance vibration is one of the main vibration forms of a high speed machine tool spindle. The overlarge unbalance vibration will have some adverse effects on the working life of the spindle system and the surface quality of the work-piece. In order to reduce the unbalance of a high speed spindle system, a pneumatic online dynamic balance device and its control system are presented in the paper. To improve the balance accuracy and adaptation of the balance system, the gain parameter adaption and scheduling control method are proposed first, and then the different balance effects of the influence coefficient method and the gain scheduling control method are compared through many dynamic balance experiments of the high speed spindle. The experimental results indicate that the gain parameters can be changed timely according to the transformation of the speed and kinetic parameters of the spindle system. The balance accuracy can be improved for a high speed spindle with time-varying characteristics, based on the adaptive gain scheduling control method.