The vibration of cold orbital forging (COF) machines is a major issue for the quality of forging parts. It is therefore necessary to investigate the vibration of COF machines and provide some effective methods for reducing the vibration. In this paper, horizontal and vertical dynamic models of COF machines are established. These dynamic models are then effectively verified by conducting experiments. By using dynamic models of the COF machine, the vibration performance of the COF machine is investigated. To investigate methods for reducing the vibration of the COF machine, the effects of some key parameters on the vibration of the COF machine are studied, which include the eccentricities and rotation angular speeds of the inner eccentricity ring and the outer eccentricity ring, the amplitude and frequency of external excitation, and the equivalent stiffness and equivalent damping between swing shaft and bearing. Investigative conclusions can be drawn: During the COF process, vertical vibration is more drastic than horizontal vibration. A larger absolute difference between the eccentricities of the inner eccentricity ring and the outer eccentricity ring contributes to reducing the horizontal vibration of the COF machine. A larger equivalent stiffness and a larger equivalent damping between the swing shaft and bearing, a smaller amplitude and a smaller frequency of the external excitation contribute to reducing the vertical vibration of the COF machine.