Recently, KARI(Korea Aerospace Research Institute) has been developing a modern 11.5 m diameter four bladed bearingless main rotor system, and this rotor system can be used for 7,000 lb class helicopter. Flexbeam and torque tube can be considered as key structural components, and large elastic twist of flexbeam induced by pitch control motion of torque tube can influence the nonlinear aeroelastic behavior. In this paper, the dynamic characteristic analysis results of bearingless rotor system were presented. In order to construct a input model and validate the analysis procedures, calculated results using the comprehensive helicopter analysis program CAMRAD II were compared with the measured natural frequencies and lag damping data from small-scale wind tunnel test. Next, the analysis model was extended to a full-scale model, and the dynamic analysis results were presented.