Studies show that active control technology can improve system performance and meet the increasing industrial demand in diverse applications. In the present study, the dynamic characteristics of the bearing-spindle system based on active piezoelectric (PZT) restrictors, including the amplitude-frequency and phase-frequency characteristics are analyzed theoretically and experimentally. In the analysis, the influence of the pipeline model on the system characteristics is studied. Then the feasibility and effectiveness of the active control method are verified through experiments. It is demonstrated that the theoretical and experimental results are consistent. The present study is expected to provide a guideline for further investigations on the structural optimization and control law design for active hydrostatic oil-film bearing spindle systems.