In this paper, a variable preload force control structure utilizing piezoelectric actuators (PEAs) is proposed for the stability control of the feed drive system. Three PEAs are installed between the two nuts to exert preload force on the ball screw, leading to an elimination or substantial reduction of the backlash, which is the main cause of instability of feed drives. This results in better machining precision throughout the operation process. In addition, the force analysis of the whole preload feed drive system is established. Moreover, the hysteresis of the PEAs is determined with reference to the Prandtl–Ishlinskii (P-I) model. Lastly, the P-I model-based feedforward controller is applied to the feed drive system to improve the resultant machining precision. Based on the modeling and experiments, to demonstrate the efficacy and high-performance of the proposed P-I model-based control algorithm against conventional PID control system, comparative experiments are conducted, showing satisfactory results.