Gas bearings have the advantages of small friction loss, wide applicable speed range, no pollution, etc., and have important application prospects in micro and small high-speed rotating machinery. However, due to its compressibility and low viscosity, its dynamic stability in high-speed rotating machinery is the key to constraining its development. The experimental study of shaft system dynamics is the main means to explore the mechanism of rotor behavior. On the test platform of dynamic characteristics of multi-disc rotor system supported by aerostatic bearings, experimental research on the nonlinear dynamic characteristics of a rotor system was carried out, and nonlinear vibration test and analysis methods, such as axial orbits, bifurcation diagrams, and spectral characteristics, were adopted, and vibration phenomena, including the critical rotational speed accumulating energy and low-frequency accumulating energy, were presented and the vibration characteristics of bearing fracture faults were presented. The bearing supply pressure and rubber damping pad were introduced as a method to suppress the low-frequency vibration of the aerostatic bearing rotor system, and its vibration-reduction effect was verified by experiments. The above results can provide technical support for vibration control and fault diagnosis of rotor systems supported by aerostatic bearings.