The paper deals with mathematical modelling of vibration and modal analysis of rotors composed of a flexible shaft and several flexible disks. The shaft is modelled as a one dimensional continuum whereon flexible disks modelled as a three dimensional continuum are rigid mounted to shaft. The presented approach allows to introduce continuously distributed centrifugal and gyroscopic effects. The finite element method was used for shaft and disks discretization. The modelling of such flexible multi-body rotors with large DOF number is based on the system decomposition into subsystems and on the modal synthesis method with condensation. Lower vibration mode shapes of the mutually uncoupled and non-rotating subsystems are used for creation of the rotor condensed mathematical model. An influence of the different level of a rotor condensationmodel on the accuracy of calculated eigenfrequencies and eigenvectors is discussed.