In order to obtain an accurate finite element model of a steel arch bridge, a first-order modal finite element model updating method is proposed by using the measured first-order modal data of the bridge. Using the measured acceleration time history data under random excitation and the first-order mode updating method, the stiffness matrix of the finite element model is updated, and the first-order frequencies and first-order mode shapes before and after updating of the model are compared and analyzed. The state space method is used to compare and analyze the dynamic response and the reliability of the structure before and after the updating of the model. The results show that the difference of the first-order frequencies between the updated finite element model and the measured result is about 0.001, and the difference of the first-order mode shapes is less than 0.197, which meets the needs of engineering. Dynamic response values of the updated structural model are much larger than those of the structural model before updating. The theoretical model is different from the dynamic response of actual structure, so it is necessary to update the theoretical model. The finite element model updating method can provide a reliable analytical way for bridge structural health monitoring, state evaluation, and damage identification.