Increasing the machining precision of machine tools has imposed higher demands for dynamic characteristics of the key components. Taking the MDH50 precision machining center as a example, this paper established the flexible body of five key components, bed, column, spindle boxes, slipway and worktable, and built the rigid-flexible coupling systems of whole machine, based on the basic theory of multi-body system dynamics. Then the cutting force reference to the actual constraints was applied to the system and the dynamics simulation was carried out. The effect of every component on machining precision was effectively identified. Dynamic stiffness testing of the machine is based of principles of testing the transmission components dynamic stiffness, and further analysis of the each component dynamic stiffness is conducted, which can verify the accuracy of flexible body analysis.