Dynamic model and equation of a nonlinear flexible rotor-bearing system are established based on rotor dynamics. A local iteration method consisting of improved Wilson-θ method, predictor-corrector mechanism and Newton-Raphson method is proposed to calculate nonlinear dynamic responses. By the proposed method, the iterations are only executed on nonlinear degrees of freedom. The proposed method has higher efficiency than Runge-Kutta method, so the proposed method improves calculation efficiency and saves computing cost greatly. Taking the system parameter ‘s’ of flexible rotor as the control parameter, nonlinear dynamic responses of rotor system are obtained by the proposed method. The stability and bifurcation type of periodic responses are determined by Floquet theory and a Poincaré map. The numerical results reveal periodic, quasi-periodic, period-5, jump solutions of rich and complex nonlinear behaviors of the system.