Chatter is one of the major problems in machining and can be avoided by stability diagrams which are generated using frequency response functions (FRF) at the tool tip. During cutting operations, discrepancies between the stability diagrams obtained by using FRFs measured at the idle state and the actual stability of the process are frequently observed. These deviations can be attributed to the changes of machine dynamics under cutting conditions. In this paper, the effects of the cutting process on the spindle dynamics are investigated both experimentally and analytically. The variations in the spindle dynamics are attributed to the changes in the bearing parameters. FRFs under cutting conditions are obtained through the input-output relations of the cutting forces and the vibration response which are measured simultaneously. Experimentally and analytically obtained FRFs are then used in the identification of the bearing parameters under cutting conditions. Thus, bearing properties obtained at idle and cutting conditions are compared and variations in their values are obtained.