In this research, the non-linear dynamics of the drill string system model, considering the influence of fluid—structure coupling and the effect of support stiffness, are investigated. Using Galerkin’s method, the equation of motion is discretized into a second-order differential equation. On the basis of an improved mathematical model, numerical simulation is carried out using the Runge—Kutta integration method. The effects of parameters, such as forcing frequency, perturbation amplitude, mass ratio and flow velocity, on the dynamic characteristics of the drill string system are studied under different support stiffness coefficients, in which bifurcation diagrams, waveforms, phase diagrams and Poincaré maps of the system are provided. The results indicate that there are various dynamic model behaviors for different parameter excitations, such as periodic, quasi-periodic, chaotic motion and jump discontinuity. The system changes from chaotic motion to periodic motion through inverse period-doubling bifurcation, and the support stiffness has a significant influence on the dynamic response of the drill string system. Through in-depth study of this problem, the dynamic characteristics of the drill string can be better understood theoretically, so as to provide a necessary theoretical reference for prevention measures and a reduction in the number of drilling accidents, while facilitating the optimization of the drilling process, and provide basis for understanding the rich and complex nonlinear dynamic characteristics of the deep-hole drill string system. The study can provide further understanding of the vibration characteristics of the drill string system.