Recently a high speed spindle system for machine tools has attracted considerable attention 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 and so on. And a lubrication experiment for evaluating the performance of the spindle system is carried out. Especially, in order to establish the lubrication conditions related to the development of a high speed spindle system, the effects of oil supply rate, rotational spindle speed and so on are studied and discussed on the bearing temperature rise, bearing temperature distribution and frictional torque. And the effect of spindle system structure on the bearing temperature distribution is investigated.