Hydrostatic guideways are used as an alternative to contact bearings due to high stiffness and high damping in heavy machine tools. To improve the dynamic characteristic of bearing structure, the dynamic modeling of the hydrostatic guidway should be accurately known. This paper presents a "mass-spring-Maxwell" model considering the effects of inertia, squeeze, compressibility and static bearing. To determine the dynamic model coefficients, numerical simulation of different cases between displacement and dynamic force of oil film are performed with fluent code. Simulation results show that hydrostatic guidway can be taken as a linear system when it is subjected to a small oscillation amplitude. Based on a dynamic model and numerical simulation, every dynamic model's parameters are calculated by the LevenbergMarquardt algorithm. Identification results show that "mass-spring-damper" model is the most appropriate dynamic model of the hydrostatic guidway. This paper provides a reference and preparation for the analysis of the dynamic model of the similar hydrostatic bearings.