In this study, a rotor-bearing-runner system (RBRS) considering multiple nonlinear factors is established, and the complex nonlinear dynamic behavior of the coupling system is studied. The effects of excitation current, radial stiffness, and friction coefficient on dynamic characteristics are analyzed by numerical simulation. The research results show that the dynamic properties of the coupling system caused by different nonlinear factors are interactional. With the changes of different parameters, the RBRS presents multiple motion states, including periodic-n, quasi-periodic, and chaotic motion. The increase of the excitation current Ij has a certain inhibitory effect on the response amplitude of the system and makes the motion state of the system more complex, the chaotic motion wider, and the jump discontinuity enhanced. With the increase of radial stiffness kr, the motion complexity of the coupling system increases, the chaotic region increases, the response amplitude increases, and the vibration intensity increases. With the increase of the friction coefficient μ, the chaotic region increases first and decreases, the different motions alternate frequently, and the response amplitude gradually increases. This study can not only help to understand the dynamic characteristics of RBRS, but also help the stable operation of the generator set.