In order to study the steam flow excited vibration caused by the eccentricity of a rotor, three-dimensional rotor whirl motion is simulated based on mesh deformation. The mechanism of steam flow excited vibration and its influence on the dynamic characteristics of the rotor are investigated. The results show that the exciting forces change with the displacement of the rotor’s centre. Rotor dynamic coefficients are nonlinear when the rotor whirls pass the mesh deformation. The rotor dynamic coefficients and effective damping increase with the increase of whirl frequency. When the whirl frequency is 24.41 Hz, the rotor dynamic coefficients are strongly affected by rotational velocity. The maximum fluctuations of average direct stiffness, cross-coupling stiffness, direct damping and cross-coupling damping are 8.1 %, 113.2 %, 45.8 %, and 121.0 %, respectively. Effective damping fluctuates greatly when both whirl and rotational frequency are 24.41 Hz. The direct stiffness, direct damping, and effective damping increase with the increase of pressure ratio, which can improve rotor stability. The pressure fluctuation on the rotor’s surface is a primary reason for steam flow excited vibration. The stability margin of the rotor can be estimated precisely via effective damping.