High-speed machine tools have parts with both stationary and rotating dynamics. While spindle housing, column, and table have stationary dynamics, rotating parts may have both symmetric (i.e., spindle shaft and tool holder) and asymmetric dynamics (i.e., two-fluted end mill) due to uneven geometry in two principal directions. This paper presents a stability model of dynamic milling operations with combined stationary and rotating dynamics. The stationary modes are superposed to two orthogonal directions in rotating frame by considering the time- and speed-dependent, periodic dynamic milling system. The stability of the system is solved in both frequency and semidiscrete time domain. It is shown that the stability pockets differ significantly when the rotating dynamics of the asymmetric tools are considered. The proposed stability model has been experimentally validated in high-speed milling of an aluminum alloy with a two-fluted, asymmetric helical end mill.