High-precision centerless grinding machines are emerging as a means of finishing the outer diameter grinding process required for ferrules, which are widely used as fiber optic connectors. In this study, a sensitivity analysis for structural and thermal characteristics was carried out using a virtual prototype of a centerless grinding machine to realize systematic design technology and performance improvements required to manufacture ferrules. The prototype consisted of a concrete-filled bed, hydrostatic grinding wheel (GW) and regulating wheel (RW) spindle systems, a hydrostatic RW table feed mechanism, a RW swivel mechanism, and on-machine GW and RW dressers. The results of the structural sensitivity analysis illustrated that the vertical stiffness of hydrostatic guideway for the RW table feed system greatly influenced the horizontal loop stiffness, and the results of the thermal sensitivity analysis illustrated that the heat generation rates at hydrostatic bearings and belt pulley greatly influenced the temperature rise of hydrostatic bearings and the deviation of thermal displacement between GW and RW.