Rotate vector (RV) reducers have widely been used in high-performance precision drives for industrial robots. However, the current nonlinear dynamic studies on RV reducers are not extensive and require a deeper focus. To bridge this gap, a translational–torsional nonlinear dynamic model for an RV reducer transmission system is proposed. The gear backlash, time-varying mesh stiffness, and comprehensive meshing errors are taken into account in the model. The dimensionless vibration differential equations of the system were derived and solved numerically. By means of bifurcation diagrams, phase trajectories, Poincaré sections, and the power spectrum, the motion state of the system was studied with the bifurcation parameters’ variation, including excitation frequency and meshing damping. The results demonstrate that this system presents enriched nonlinear dynamic characteristics under different parameter combinations. The motion state of the system is more susceptible to change at lower frequencies. Increasing the meshing damping coefficient proves effective in suppressing the occurrence of chaos and reducing vibration amplitudes, significantly enhancing the stability of the transmission system.