In order to ensure the stability of the machining process, it is vital to control the machining condition during the milling process. While the feed-motor current is related to many physical variables, such as the cutting force and tool wear, we can indicate it as the key variables to monitoring the conditions of the milling process. A predictive model of the feed-motor current amplitude is established in this paper. The change regulation of the transient current amplitude during the milling process is investigated, and the effect of the spindle speed on the transient current amplitude is studied as well. Since the transient current amplitude is time-varying, the predictive model is a typical panel data type. In this case, the varying-coefficient model (VCM), a potential soft computing method, is applied to solve this predictive model. Then several experiments are conducted to evaluate the performance of VCM method. Results show that the predicted values match the experimental value well, and the correctness of the predictive model for transient current amplitude is also validated.