High speed precision machines have been introduced to the CNC industry in order to improve productivity, shorten the appointed date of delivery and reduce the prime cost. High speed machines have more functions then general machines, and they were proved in performance. The production and sales of the high speed machines have been increased not only in domestic market but also all over the world. Accordingly, machines are faster, there are lots of problems to be solved. One of the most difficult problems is the thermal displacement on the main spindle due to generated heat while the spindle is rotated in high speed. Since the thermal displacement directly effects the quality of the machined parts, utmost efforts to minimize the thermal displacement have to be given from the beginning of designing machines. In practice, variety of methods are attempted and practiced to minimize the thermal displacement such as design of symmetrical frame, adoption of high speed bearings, application of compensation system using non-contact sensor and use of forced circulating lubrication system with oil cooler. Even if these variable methods have been practically used in the industrial field, generated heat has not been perfectly prevented. Hence, in this paper, the characteristics of thermal displacement were investigated when several kinds of oil were tested for a high speed machine with forced circulating lubrication system within the same atmosphere and under the same conditions.