The objective of this work is to show the influence of dynamic characteristics of Active Magnetic Bearings (AMBs) on the stability and dynamic response of an asymmetric and unbalanced rotor. Indeed, AMBs have been successfully applied in several industrial machinery facilities. Their main advantages are the contactless working principle, frictionless suspension and operation in very high speeds. Firstly, the AMBs dynamic support parameters have been obtained through electromagnetic theory. Then, a generalized system equations of motion have been derived using the finite element method. The motion of a rotor the shaft cross-section of which is asymmetric is generally governed by ordinary differential equations with periodic coefficients. Floquet’s theory is used to investigate the stability of this system of equations. Finally, numerical simulation results are presented and discussed.