Dynamic behaviors of an automatic dynamic balancer are analyzed by a theoretical approach. Using the polar coordinates, the non-linear equations of motion for an automatic dynamic balancer equipped in a rotor with the bending flexibility are derived from Lagrange equation. Based on the non-linear equation, the stability analysis is performed by using the perturbation method. The stability results are verified by computing dynamic response. The time responses are computed from the non-linear equations by using a time integration method. We also investigate the effect of the bending flexibility on the dynamics of the automatic dynamic balancer.