Mill chatter in tandem cold rolling mill is a major rejection to the quality and production of the strips. In most mill vibration models, either the roll mass is usually limited to vibrate in vertical direction and vertical-horizontal directions, or the multiple rolls system is simplified to a single mass system. However, the torsional chatter is also a typical type of mill chatter, and the presence of intermediate roll and backup roll will affect the overall vibration of the mill structure system. In this paper, a newly cold rolling mill vibration model coupled with the dynamic rolling processing model and nonlinear vibration model is proposed with the consideration of dynamic coupling and nonlinear characteristics of the rolling process, multiroll equilibrium, and roll movement in both vertical-horizontal-torsional directions. By using Hopf bifurcation theorem and Routh–Hurwitz determinant, the existence of the Hopf bifurcation point of the mill vibration system and bifurcation characteristics are analyzed. At last, the influence of different rolling conditions on the stability of the coupled mill system is investigated, and these results can also be used to design an optimum rolling schedule and determine the appearance of mill chatter under certain rolling conditions.