For the asynchronous motorized spindle directly driven by the induction motor, the load-dependent slip ratio determines that its transient characteristics are sensitive to load. For the accurate evaluation of transient characteristics, it is necessary to deeply analyze the bending-torsional coupling vibration characteristics of the asynchronous motorized spindle with the non-ideal energy source. In this work, starting from energy conservation and clarifying the multi-physical field coupling mechanism, the bending-torsional coupling dynamic model is developed. Considering the speed fluctuation, the mass eccentricity excitation is deconstructed to explore its contribution to the coupling vibration. From the load-displacement relationship, the unbalanced excitation experienced by the journal from the bearing is modeled, considering the friction. According to the T-type equivalent circuit and mechanical characteristics of the induction motor, the electromagnetic torque considering power conservation is obtained. Furthermore, combined with Maxwell's stress formula, the electromagnetic excitation from electromagnetic torque and magnetic pull is obtained, considering the tangential and normal magnetic stress. Based on the projection and synthesis of forces, the semi-empirical mechanical cutting force model is employed to calculate the milling load. And a numerical algorithm for the fast acquisition of state-dependent delay is proposed. In particular, to reasonably characterize the energy characteristics in the system, the influence of structural vibration as an energy sink on the multi-physical field composed of mechanical, electromagnetic, and thermal fields is explored from the energy conservation. The proposed model was validated experimentally. The effects of electrical and mechanical parameters on the response are numerically discussed.