This paper deals with the flexural vibration and dynamic stability of a spinning shaft subjected to partial load. Based on the theorem of moment of momentum and the theorem of motion of center of mass, the governing equation of motion for the spinning shaft system is obtained. Four kinds of boundary conditions including pinned-pinned, clamped-clamped, free-free, and elastic supports are considered. The exact whirl frequency equation is derived analytically for different boundary conditions. The obtained model is confirmed by comparing with the results reported in the available literature, and excellent agreement is presented. A numerical investigation is carried out to examine the effects of support stiffness, mass ratio, eccentric distance, and slenderness ratio on the whirl characteristics and stability of the system in terms of the obtained model. The results show that the whirl frequency and critical spinning speed of the system are dependent on these parameters, and the stability is mainly governed by the mass ratio and eccentric distance.