The purpose of this paper is to investigate the dynamic characteristics of a motorized spindle with externally pressurized air bearings. The externally pressurized air bearings consist of a journal bearing and a double pad thrust bearing with orifice restrictors. The equations of motion for the rotor-bearing system are established considering five degrees-of-freedom (DOF). The perturbation method and the finite difference method are introduced to calculate the static and dynamic characteristics of the air bearings; and the effects of the rotating speed and tilt angle of the rotor on the dynamic characteristics of the air bearings are analyzed. With the dynamic coefficients of the air bearings and the 5DOF rotor-dynamic model obtained, the stability, the unbalance response, and the forced response of the rotor-bearing system are investigated. Finally, the static and dynamic characteristics of the spindle are verified by an experimental study.