In order to study the dynamic characteristics of the elevator, the response characteristics of the elevator under normal operation and emergency braking conditions are analyzed. In this paper, the centralized mass discretization model is used to study the vibration characteristics of the elevator traction system under the external excitation. Firstly, the vibration equation of the elevator multi-degrees-of-freedom (abbreviated as DOF) system is established. en, the vibration characteristics of the three DOF system are analyzed, and the natural frequencies and modes are obtained. e free vibration equation and forced vibration equation are obtained, and the theoretical solutions are obtained. Finally, the test method proposed in this paper is used to test the normal operation and emergency braking of the elevator. e test results show that, under normal operation conditions, the measured speed and distance errors are not more than 4.2%, the up running distance measured by the elevator is larger than the actual value, while the down running distance is smaller than the actual value; under emergency braking condition, because the steel wire rope can only bear the pulling force, the peak acceleration fluctuation in the up emergency braking process is large, while the down emergency braking acceleration fluctuation is small. erefore, the elevator vibration analysis model and the vibration test method proposed in this paper can be used for the analysis of elevator dynamic performance, which has great reference value for the safety performance research of the elevator traction system.