Due to having the features of high accuracy, high stiffness, high load capacity and longer service life, the hybrid bearing spindle system is widely used in grinding. This paper presents an analysis method of hybrid bearing spindle dynamic characteristics. The method uses CFD method to solve the oil film pressure field, instead of Reynolds equation, in order to obtain the oil film stiffness and damping. With the obtained oil film stiffness and damping to build the appropriate constraints, 3D finite element model of the hybrid bearing spindle system is established, and the modal analysis of the spindle system is carried out. Compared the analysis results with the theoretical calculation results, the feasibility and correction of the method are proved.