According to the movement mechanism of strip and rollers in tandem mill, the strip between two stands was simplified to axially moving Euler beam and the rollers were simplified to the inertial component on the fixed axis rotation, namely, inertial boundary. Nonlinear vibration mechanical model of Euler beam with inertial boundary conditions was established. The transverse and longitudinal motion equations were derived based on Hamilton’s principle. Kantorovich averaging method was employed to discretize the motion equations and the inertial boundary equations, and the solutions were obtained using the modified iteration method. Depending on numerical calculation, the amplitude-frequency responses of Euler beam were determined. The axial velocity, tension, and rotational inertia have strong influences on the vibration characteristics. The results would provide an important theoretical reference to control and analyze the vertical vibration of moving strip in continuous rolling process.