In this paper, the dynamic balance of a rigid variable speed rotor is tested and analyzed. The vibration acceleration is measured by vibration analyzer instrumentations. The rotor adjustment parameters of counterweight, pitch, and trailing-edge flap are considered. The amplitude and phase of the 1 Ω vibration acceleration are analyzed through an all-phase fast Fourier transform. The experiments are conducted using two rigid rotors with the same geometry. The accelerations of the fuselage in the x, y, and z directions are measured. Through a waterfall diagram of the auto-power spectrum, it is found that the imbalance of counterweight, pitch, and trailing-edge flap causes an obvious increase in 1 Ω and 2 Ω acceleration. The hub counterweight mainly causes the lateral and longitudinal vibration in the disc plane, and the aerodynamic factors such as pitch and trailing-edge flap mainly affect the vertical vibration. In order to achieve dynamic balance for variable speed rotors, the counterweight adjustment should be given the highest priority for the vibration in the disc plane, and the pitch and trailing-edge flap adjustment should be given the highest priority for the vertical vibration. The results obtained from this experiment may be helpful toward reasonable designs of variable speed rotor helicopters.