A generalized dynamic model taking into account coupled vibrations of a rotor-fluid-foundation system, linear eccentricity, damping, and rolling bearing nonlinearity is developed. The nonlinear equations of motion are formulated and analysed. Forced and free vibrations of the system are investigated. Peculiarities of the dynamic behaviour are revealed, including properties of vibration frequencies and amplitudes. The obtained results have the potential to be implemented in the optimal design of modern industrial devices.