This paper presents the thermal characteristic analysis of a high-speed horizontal machining center with spindle speed of 50,000rpm and feedrate of 120m／min. The spindle system is designed based on the built-in motor, angular contact ceramic ball bearings, oil-air lubrication and oil-jacket cooling method. The X-axis and Y-axis feeding systems are composed of the linear motors and linear motion guides, and the Z-axis feeding system is composed of the servo-motor, ball screw and linear motion guides. The thermal characteristics such as the temperature distribution, temperature rise, thermal deformation and step response, are estimated based on the finite element model of machining center and the heat generation rates of heat sources related to the machine operation conditions. Especially, the thermal time constant assessed from the step response function is introduced as an index of thermal response characteristics.