We analyzed the power flow of the vibration transmission of the F2 mill drive system coupled with complex beams using the substructure method. The system was divided into three cylindrical substructures, which were coupled to each other by three spring-dampers. The modal analysis of the substructures was conducted to describe their dynamic characteristics; subsequently, the substructure receiving function under free interface conditions was established. The dynamic characteristics of the transmission coupling system were calculated by synthesizing the force balance conditions and geometric coordination at the coupling interface. The input energy and transmission energy in the system were effectively evaluated. The effects of spring-damper stiffness change, excitation position, and loss factor on the transmission of vibration power flow were studied and verified by field experiments. This study provides an effective theoretical basis for vibration suppression measures for hot tandem rolling mills.