In this study rotordynamic characteristics of an air turbo-compressor (ATC) used in oxygen plant are analyzed and its operating-speed balancing is performed to solve the vibration trouble caused by rotor unbalance. Three dimensional model of the ATC rotor is completed and then analytical FE (finite element) model, which is verified by experimental modal testing, is developed. A rotordynamic analysis includes the critical map, Campbell diagram, and unbalance response, especially considering the pedestal housings supporting tilting pad bearings. A test run of operating-speed, using tilting-pad bearing of actual use, showed that the vibration level increased very sharply as approaching the rated speed. The operating-speed balancing specified by API 684 was carried out by using influence coefficient method. The results showed that the vibrations at the bearing pedestal housings represented good levels of 0.1 mm/s. From the test run and operating-speed balancing, the analytical results, that is, critical speeds are in good agreement with the test results and unbalance responses introducing the correction masses are similar to the as-is test responses in its aspect.