In this paper, a modeling method for the bending vibration analysis of rotating Timoshenko beams with concentrated mass and mass moment of inertia is presented. The shear and rotary inertia effects become critical for the accurate estimation of the natural frequencies and mode shapes as the slenderness ratio decreases. The natural frequencies obtained by using the Timoshenko beam theory are lower than those by using the Euler beam theory. The critical angular speed, which does not exist only with the concentrated mass, exists with the concentrated mass moment of inertia.