Hydraulic automatic gauge control (AGC) system is the core control system to ensure the thickness accuracy of cold-rolled plate, and the reliability of its load roll system is the key to guarantee the rolling process with high precision, high speed, continuity and stability. However, the working mechanism of hydraulic AGC system is complex. And it possesses some features such as high nonlinearity, time variability and strong coupling. The vertical vibration easily happens in its working process. Moreover, the stability of system is seriously affected. Nevertheless, the incentive is difficult to determine. In this paper, the theory and method of nonlinear dynamics were introduced to establish the load vertical vibration (LVV) model of HAGC system under nonlinear action. The model was solved with multi-scale method, and the amplitude-frequency characteristic equation of system was obtained. Moreover, the research object of this article also focused on the nonlinear elastic force, nonlinear damping force and nonlinear excitation force, and deeply explored the effect of nonlinear parameters change on the amplitude-frequency characteristics of LVV system. The mechanism and incentive for LVV of hydraulic AGC system were further revealed. The research results lay a theoretical foundation for the vibration inducement and suppression of hydraulic AGC system.