The rotating parts looseness is one of the common failures in rotating machinery. The current researches of looseness fault mainly focus on non-rotating components. However, the looseness fault of disc-shaft system, which is the main work part in the rotor system, is almost ignored. Here, a dynamic model of the rotor system with loose disc caused by the insufficient interference force is proposed based on the contact model of disc-shaft system with the microscopic surface topography, the vibration characteristics of the system are analyzed and discussed by the number simulation, and verified by the experiment. The results show that the speed of the shaft, the contact stiffness, the clearance between the disc and shaft, the damping of the disc and the rotational damping have an influence on the rotation state of the disc. When the rotation speed of the disc and the shaft are same, the collision frequency is mainly composed of one frequency multiplication component and very weak high frequency multiplication components. When the rotation speed of the disc and the shaft is close, the vibration of the disc occurs a beat vibration phenomenon in the horizontal direction. Simultaneously, a periodical similar beat vibration phenomenon also occurs in the waveform of the disc-shaft displacement difference. The collision frequency is mainly composed of a low frequency and a weak high frequency component. When the rotation speed of the disc and the shaft has great difference, the collision frequency is mainly composed of one frequency multiplication, a few weak high frequency multiplication components and a few low frequency multiplication component. With the reduction of the relative speed of the disc, the trajectory of the disc changes from circle-shape to inner eight-shape, and then to circle-shape. In the inner eight-shape, the inner ring first gradually becomes smaller and then gradually becomes larger, and the outer ring is still getting smaller. The obtained research results in this paper has important theoretical value for the diagnosis of the rotor system with the loose disc.