The aerostatic spindle is widely used in the field of precision grinding because of its excellent machining stability and machining accuracy. The spindle is jointly affected by multiple excitation effects in the high-speed grinding process. In order to study the dynamic characteristics of the aerostatic spindle under high-speed precision machining, it is necessary to analyse the nonlinear response of the aerostatic spindle with multi-physical field coupling. In this paper, the nonlinear dynamic model of the aerostatic spindle system under multi-effect coupling is established by considering three aspects: fluid-structure coupling, mass eccentricity excitation coupling, and vibration-grinding force coupling. Firstly, the instantaneous nonlinear air film force excitation is calculated by the derivation of the dynamic air film thickness model with multi-degree-of-freedom vibration responses coupling. The mass eccentricity excitation considering dynamic deflection angle is derived through the eccentric-load relationship. Afterwards, the dynamic precision grinding force model under the full surface of the tool is established based on judging the material removal mode, which considers the grain-workpiece interaction relationship under the influence of the nonlinear vibration. Finally, the accuracy and effectiveness of the coupled model is verified by high-speed precision grinding experiments, and the nonlinear dynamic behaviour under different operating parameters is analysed.