Unbalanced fault is the most common fault of high-speed motorized spindle, which is the main factor affecting the machining accuracy of high-speed spindle. Due to the unbalanced magnetic pull produced by the air gap eccentricity of the stator and rotor, the unbalanced vibration of the motorized spindle will be further aggravated. In order to explore the dynamic behavior and motion law of the unbalanced fault motorized spindle under the eccentric state, a dynamic model of the unbalanced fault of the high-speed motorized spindle considering the unbalanced magnetic pull was established. Taking the eccentric motorized spindle customized by the research group as the research object, the dynamic model is established, simulated, and analyzed, and the response change law of motorized spindle under the effect of different speed, unbalance, and air gap is obtained. The simulation results show that the unbalanced magnetic pull caused by static eccentricity will increase the unbalanced vibration of motorized spindle, and the unbalanced vibration will also increase with the increase of static eccentricity. The vibration caused by unbalanced magnetic pull does not increase with the increase of rotating speed. In frequency-domain analysis, when there is unbalanced magnetic pull, the peak appears at 0 Hz, and the amplitude of fundamental frequency vibration will increase with the increase of eccentricity. The experimental results show that the greater the eccentricity is, the greater the unbalance vibration of the motorized spindle is. The experimental results are consistent with the simulation results, which further verify the accuracy of the model. The research results lay a theoretical basis for fault analysis and diagnosis of coupling fault motorized spindle.