This paper establishes a dynamic model of the bearing rotor system of a high-speed train under variable speed conditions. Different from previous works, the proposed model simplifies the contact stress and considers the compensation balance excitation caused by the rotor mass eccentricity. The angle iteration method is used to solve the challenging problem that the roller space position cannot be determined in bearing rotation. The simulation results show that the model accurately describes the dynamics of bearing under varying speed profiles that contain acceleration, deceleration and speed oscillation stages. The order ratio spectrum of the bearing vibration signal indicates that both single frequency and multiple frequency in simulation results are consistent with that in theoretical results. Experiments of bearing with outer ring fault and inner ring fault under various operating conditions are presented to verify the developed model.