Vibrations caused by the imbalance of a rotor are a frequently encountered problem in machining processes. Especially in high-precision finishing, the workpiece quality is strongly related to the vibration of the machine-tool spindle, which is mainly caused by mass imbalance and cannot be completely eliminated in cutting tools with nonaxisymmetrical structures. An imbalance in centrifugal force is generated by rotor rotation and increases rapidly with rotational speed. A novel active online electromagnetic balancing method based on static magnetic-field analysis is proposed, and an active online electromagnetic balancing device (AOEBD) based on this method was developed under these conditions. The magnetic-field distribution and electromagnetic force generated by the device were analyzed by finite-element modeling. The influence on the electromagnetic force of the misalignment between the rotor and the iron core was investigated. Factors influencing the magnetic force of the device were determined, and reasonable reference values were suggested. The critical eccentricity was also provided. Experiments had been done at last, and the experimental results presented a good performance of this kind of balancing device.