A theoretical approach is carried out to predict the quality factors of flexible modes of a microcantilever on a squeeze-film. The frequency response function of an inertially-excited microcantilever beam is derived using an Euler-Bernoulli beam theory. The external force due to squeeze-film phenomenon is developed from the Reynolds equation. Slip boundary conditions are employed at the interfaces between the fluid and the structure to consider the gas rarefaction effect, and pressure boundary condition at both ends of fluid analysis region is enhanced to increase the exactness of predicted quality factors. To the end, an approximate equation is derived for the first bending mode of the microcantilever. Using the approximate equation, the quality factors of the second and third bending modes are calculated and compared with experimental results of previously reported work. The comparison shows the feasibility of the current approach.