The dynamic performance of a Nano-precision stage equipped with aerostatic bearing was studied. A dynamic modeling method for the stage was presented. In the method, general equation of dynamics with virtual power form and analysis of rigid body finite rotation were used to analyze the dynamic characteristic of stage and the influence of aerostatic bearing when positioning, and the motion differential equations which could be use for controller design and optimization were obtained. The vibration characteristic of the stage was analyzed based on the motion differential equations and the natural frequency caused by air bearing was calculated. A model test experiment was carried out and the experiment results showed the validity of the method.