Rotor　stability　and　rotation　accuracy,　which　are　highly　dependent　on　the　dynamic　coefficients　of　supporting　hybrid　bearings,　are　two　important　issues　of　high-speed　water-lubricated　spindles.　To　improve　the　spindles＇　performance,　the　dynamic　coefficients　of　high-speed　water-lubricated　hybrid　bearings　were　experimentally　identified　by　the　noncontact　harmonic　excitation　method　and　the　additional　unbalance　excitation　method,　respectively.　Comparisons　between　experimental　results　and　theoretical　predictions　were　made.　The　experimental　technique　and　the　identification　model　were　validated　to　be　effective.　Besides,　the　influence　of　supply　pressure　and　rotating　speed　on　dynamic　coefficients　was　also　presented.　As　for　different　operating　conditions,　valuable　guides　were　provided　to　investigate　the　dynamic　performance　of　high-speed　and　ultra-high-speed　spindles.