An influence coefficient method with an optimal correction balancing algorithm is developed for balancing a high-speed flexible rotor system. Conventional flexible balancing algorithms such as least square and weighted least square algorithms may not satisfy allowable residual vibration levels in certain speed ranges, while the optimal correction balancing method can be more effective in controlling vibration levels in a target speed. Related analyses were reviewed and applied to a test rig to show the effectiveness of the optimal correction balancing method.