The spectral element model is known to provide very accurate structural dynamic characteristics, while reducing the number of degree-of-freedom to resolve the computational and cost problems. Thus, the spectral element model for an axially moving Bernoulli-Euler beam subjected to axial tension is developed in the present paper. The high accuracy of the spectral element model is then verified by comparing its solutions with the conventional finite element solutions and exact analytical solutions. The effects of the moving speed and axial tension on the vibration characteristics, wave characteristics, and the static and dynamic stabilities of a moving beam are investigated.