In order to improve the state monitoring and adaptive control capability of inertial stabilization platforms (ISPs) with unknown loads, it is necessary to estimate the dynamic parameters comprehensively online. However, most current online estimation methods regard the system as a linear dual-inertia model which neglects the backlash and nonlinear friction torque. It reduces the accuracy of the model and leads to incomplete and low accuracy of the estimated parameters. The purpose of this research is to achieve a comprehensive and accurate online estimation of multiple parameters of ISPs and lay a foundation for state monitoring and adaptive control of ISPs. First, a dual-inertia model containing backlash and nonlinear friction torque of the motor and load is established. Then, the auto-regressive moving average (ARMA) model of the motor and load is established by the forward Euler method, which clearly expresses the online identification formula of the parameters. On this basis, the adaptive identification method based on the recursive extended least squares (RELS) algorithm is used to realize the online estimation of multiple parameters. The simulation and experimental results show that the proposed adaptive multi-parameter estimation method can realize the simultaneous online identification of the moment of inertia of the load, the damping coefficient of motor and load, the transmission stiffness, the Coulomb friction torque of motor and load, and the backlash, and the steady-state error is less than 10%. Compared with the traditional linear dual-inertia model, the similarity between the model based on the proposed adaptive parameter estimation algorithm and the actual system is increased by 65.3%.