The vibration frequency characteristics of a rotor system are directly related to its moment of inertia. In this paper, a moment of inertia adjustment device is proposed to adjust the frequency characteristics of a rotor system and better reduce vibration by changing the moment of inertia. First, a mathematical model of the moment of inertia and the temperature field are established. A finite element simulation model of the electromagnetic field of the electromagnetic control unit in the device is established. The influence of current and air gap on the electromagnetic forces is discussed. Then, the validity of the finite element simulation for the electromagnetic control unit is verified using experimental results. In addition, the variations in the displacement and force of the moving mass and the moment of inertia of the device with speed are analyzed. The results show that the proposed moment of inertia adjustment device can be used to significantly adjust the moment of inertia, which provides a reference for better controlling vibrations in rotor systems. Finally, a finite element simulation model for an electromagnetic field analysis of the electromagnetic control unit in the device is established. The results show that the maximum temperature of the electromagnetic control device is 332 K in 60 min, which is in accordance with the requirements.