It is essential to establish a dynamic model of flexible multi-link mechanism with clearance and lubrication for ultra-precision presses to analyze its dynamic response. Traditional dynamic models of mechanical system rarely consider the effect of flexibility, revolute and spherical clearance joints, and lubrication together, which causes lower precision analysis. In order to study the dynamic characteristics of multi-link mechanism more accurately, a novel dynamic model of flexible multi-link mechanism with clearance and lubrication for ultra-precision presses is established in the present work, which considers the effect of revolute and spherical clearance joints, lubrication, and flexibility of crank shaft and linkage. It is demonstrated that the dynamic responses of flexible multi-link mechanism with lubricated clearance joint model agree better with experimental data than those with dry clearance model and the validity of the proposed model is verified. The simulation results also show that the existence of lubrication reduces the dynamic responses of flexible multi-link mechanism with revolute and spherical clearance in a significant manner and act as a suspension for multi-link mechanism.