Timber–concrete hybrid structural systems are a practical option to provide tall mass timber buildings with a lateral load-resisting system. This paper discusses the dynamic behavior of an 18-story timber–concrete hybrid building based on the vibration properties evaluated by on-site vibration tests. First, microtremor measurements and human-powered excitation tests were carried out and the obtained vibration data were analyzed using a stochastic subspace identification method to derive natural frequencies, damping ratios, and mode shapes. Then, a finite-element (FE) model was developed based on detailed structural design information, and its eigenvalues and eigenvectors were compared with the test results. The vibration test results showed various mode shapes, including in-plane deformation of the floor diaphragm composed of cross-laminated timber (CLT) panels. The damping ratios in all the modes were scattered between 1 and 3%, and no frequency dependency was observed. The modal properties of the FE model agreed well with the test results by considering the additional stiffness of non-structural components. In order to simulate the in-plane deformation of the CLT floor diaphragm, detailed modeling of the connection between each CLT floor panel and the connection between CLT floor panels and concrete cores is recommended. The findings provide practitioners with an insight into dynamic properties and FE modeling methods of tall timber–concrete hybrid buildings.