Low-speed two-sided dynamic balancing and the first order static dynamic balancing are combined in the system, which can realize fast and high efficient dynamic balancing of the multi-stage pump rotor. At first, the acquisition of vibration signals is completed by a dual-channel dynamic balancing machine. And then, the acquisition signals are transmitted to the host computer. At last, based on the new algorithm compiling, the acquisition signals are processed using Visual Basic software to calculate the influence coefficients, and then the imbalance value and the phase angle are tested.