A high speed spindle system for machine tools can be used to reduce the machining time, to improve the machining accuracy, to perform the machining of light metals and hard materials, and to unite the cutting and grinding processes. In this study, a high speed spindle system is developed by applying the oil-air lubrication method, angular contact ball bearings, injection nozzles with dual orifices, cooling jacket and so on. And an air cooling experiment for evaluating the performance of the spindle system is carried out. Especially, in ofder to establish the air cooling conditions related to the development of a high speed spindle system, the effects of cooling air pressure, oil supply rate, air supply rate and rotational spindle speed are studied and discussed on the bearing temperature rise and frictional torque. Also the effects of cooling air pressure, rotational spindle speed and spindle system structure is investigated on the bearing temperature distribution. The experiment on the test model reveals the usefulness of the air cooling method.