Dynamic characteristics of numerical control (NC) machine tools, such as natural frequency and vibration property, directly affect machining efficiency and finished surface quality. In general, low-order natural frequencies of critical components have significant influences on machine tool’s performances. The headstock is the most important component of the machine tool. The reliability, cutting stability, and machining accuracy of a machining center largely depend on the structure and dynamic characteristics of the headstock. First, in order to obtain the natural frequencies and vibration characteristics of the headstock of a vertical machining center, modal test and vibration test in free running and cutting conditions were carried out by means of the dynamic signal collection and analysis system. According to the modal test, the first six natural frequencies of the headstock were obtained, which can not only guide the working speed, but also act as the reference of structural optimization aiming at frequency-shift. Secondly, by means of the vibration test, the vibration characteristics of the headstock were obtained and the main vibration sources were found out. Finally the corresponding vibration reduction plans were proposed in this paper. That provides the reference for improving the performance of the overall unit.