The influence of unbalanced magnetic pull (UMP) and hydraulic seal force on the vibration of large rotor-bearing systems is studied. The UMP caused by rotor eccentricity imposes important effects on rotating machinery, especially for large generators such as water turbine generator sets, because these machines operate above their first critical speed in some instances and are supported by oil film bearings. A magnetic stiffness matrix for studying the effects of the UMP is proposed. The magnetic stiffness matrix can be generated by decomposing the expression of air gap magnetic field energy. Two vibration models are constructed using the Lagrange equation. The difference between the two models lies in the boundary support condition: one has rigid support and the other has elastic bearing support. The influence of the magnetic stiffness and elastic support on the critical speed of the rotor is studied using Lyapunov nonlinear vibration stability theory. The vibration amplitude of the rotor is calculated, taking the magnetic stiffness and horizontal centrifugal force into account. The unbalanced hydraulic seal force is produced because of the asymmetry of seal clearance. This imbalance is one of the factors that causes self-excited vibration in rotating machinery, and is as important as the UMP for large water turbine generator sets. The rotor-bearing system is supported by an oil film journal bearing, whose characteristic also impose considerable influence on vibration. On the basis of the above-mentioned conditions, a three-dimensional finite element model of the rotating system that includes the oil film journal bearing is constructed. The effect of the UMP and unbalanced hydraulic seal force is considered in the construction, and studied in relation to the magnetic parameters, seal parameters, journal bearing stiffness, and outer diameter of the rotating machine critical speed. Conclusions may benefit the dynamic design and optimized operation of large rotating machinery.