This paper deals with the dynamic stability of a rigid rotor arbitrarily filled with liquid. On the basis of the established coupled-field equations of the rotor system, the general whirling eigenequation, which is a quartic complex coefficients equation, is derived. In order to obtain the solutions of the general whirling eigenequation, a mathematical method is proposed. To illustrate the precision of calculating results, a comparison is carried out between the present analysis and the numerical results. The results show that two calculation results are in good agreement. Then the stability of the rotor system is analyzed. It is shown that the dynamic instability occurs at a particular bound of the spinning speed. Moreover, the effects of system parameters, such as fluid-fill ratio and mass ratio, on the unstable regions are discussed.