In order to improve the thrust-weight ratio, modern aeroengines generally adopt a coaxial dual-rotor system. Factors such as manufacturing errors, assembly errors, bearing wear, and structural deformation can cause misalignment failures in a dual-rotor system. Supporting misalignment is one of the common types of misalignments in a dual-rotor system. To analyze the vibration characteristics of misalignment faults, in this study, we aim to build a finite element model of a dual-rotor system with supporting misalignment. The bearing loads caused by supporting misalignment are calculated using the three-bending moment equation method. Bearing loads are introduced into the dynamic model of the dual-rotor system. The influence of supporting misalignment at different bearings on the dynamic characteristics of the rotor system is investigated based on the supporting misalignment model. Studies have shown that supporting misalignment at different bearings has similar effects on the dynamic characteristics of the dual-rotor system. The proposed supporting misalignment model is more adaptable than the coupling misalignment model. It indicates that the damping of a rolling bearing should be considered in the dynamic analysis of a dual-rotor system although the value of the damping is not large. An experimental analysis is carried out. The simulation results are in good agreement with the experimental results.