Angular contact ball bearings are often adopted for a high-speed spindle owing to their durability against axial and radial loads. The dynamic characteristics of an angular contact ball bearing, however, are very complicated because they are dependent on the applied loads as well as on the system configuration. This study systematically analyzes the radial-load-dependent characteristics of spindles as well as angular contact ball bearings. Toward this end, a spindle dynamic model along with the bearing dynamics model is established. An iterative solution algorithm is implemented to resolve the statically indeterminate problem associated with spindle-bearing systems subjected to radial load. Two numerical examples are provided to investigate the spindle and bearing characteristics as a function of radial load with regard to the system configuration.