To avoid instability and resulting chatter during the non-circular grinding process, it is necessary to elucidate the potential occurrence of periodic chatter behavior when high-speed grinding loses stability and to define the stability boundary of the grinding system. Building upon an analysis of the geometric kinematic characteristics of non-circular profiled components, a dynamic grinding force model for non-circular high-speed grinding was derived by considering both the delay effect and the elastic yielding mechanism between the grinding wheel and workpiece. Then, A multi-factor coupled dynamic model of non-circular grinding was established. By employing a multi-scale approach, bifurcation analysis and classification of the instability process in the grinding system were conducted, using a typical non-circular profiled shaft component, such as a camshaft, for theoretical analysis and experimental validation. The research determined the stability boundary of the high-speed grinding process for non-circular profile components, validated the possibility of the existence of a conditionally stable chatter region in the non-circular high-speed grinding process, and identified differences in grinding chatter characteristics among different segments of the cam profile, with a greater propensity for chatter at the juncture of the cam fall and base circle.