In pumped storage units, the rotor-bearing electromagnetic system is under the joint influence of hydraulics, mechanics, and electromagnetics, and the mechanism of unit vibration problems is very complex to investigate. ANSYS software is used to establish a three-dimensional model of a pumped storage power plant’s rotor-bearing electromagnetic system, and the stiffness coefficient of the unbalanced magnetic traction forces is calculated using the Fourier series of the magnetic conductivity of the air gap. This shows that the nonequilibrium magnetic attraction increases non-linearly with increasing excitation current and eccentricity of the rotor. At each order, the critical velocity of the rotor system increases as the stiffness factor of the bearing increases, with the greatest increase in critical velocity at the third and fourth orders. In the first-order mode-oscillation pattern, the unbalanced magnetic attraction has an effect on the intrinsic frequency of the transverse oscillation, with a reduction in the amplitude of the intrinsic frequency by 34.65%. Axial and transverse modal vibrations manifest themselves as upward and downward motions and transverse oscillations in different portions of the rotor system, respectively, whereas torsional modal vibrations manifest as a radial broadening or reduction in the generator rotor, runner, and coupling portions of the rotor system. The results of the study provide a theoretical foundation and a computational method for the dynamic analysis and design of the rotor system of pumped storage power stations.