The magnetic suspended dual-rotor system (MSDS) has the advantage of a high power density. The system can be used in high-speed rotating machinery. The major purpose of this study is to predict the unbalance response of the MSDS considering the nonlinear bearing characteristics of active magnetic bearings (AMBs). Firstly, the nonlinear bearing model was established by a non-linear magnetic circuit method (NMCM). The model considers magnetic flux leakage, magnetic saturation, and working position flotation accurately. Then, the dynamic model of the system was established by using the finite element method and solved by the Newmark-β method. Finally, the effects of external load, rotational speeds, and control parameters were studied. Axial trajectory diagrams, stability zone diagrams, and waterfall diagrams were employed to analyze the dynamic behaviors of the MSDS. The results indicate that the external load, rotational speeds, and control parameters have a significant impact on the unbalance response of the system. Super harmonics of rotational frequencies and their combined frequencies may be excited by heavy load conditions. Appropriate control parameters can suppress the nonlinear phenomena. The obtained results of this research will contribute to the design and fault diagnosis of MSDSs.