(1) Background: To better understand the dynamic characteristics of a ball bearing with an elastic ring squeeze film damper (ERSFD) under sudden unbalance, a novel dynamic model was established by fully considering the coupling between the ERSFD, bearing outer ring (the journal), rotor, and disc (loading bearing); (2) Methods: An improved secant method was developed to determine the initial eccentricity values of the bearing’s outer ring and the disc. The dynamic response of the outer ring under different speed ratios, damping ratios, and mass ratios was solved using the variable-step Runge–Kutta method; (3) Results: In comparison, a low-speed ratio, high damping ratio, and low mass ratio were more conducive to suppressing the bearing vibration. When the imbalance was suddenly introduced, the displacement amplitude of the eccentricity, transmissibility, amplitude–frequency response, and the radius of the outer ring center locus increased; (4) Conclusions: This work provides a reference for further studying the nonlinear vibration of rolling bearings coupled with an ERSFD.