The natural vibration characteristics of the diamond-beaded rope (DBR) based on lumped mass are analyzed both theoretically and experimentally. The dynamic model of the DBR is established by means of the multi-body dynamics theory. According to Lagrange’s equations, the control equation of the DBR is derived. It mainly analyzes the influence of the parameters, such as the motion velocity of the DBR, the tension of the DBR, the length of diamond beads, the quality of diamond beads, and their position in the DBR, on the natural vibration characteristics for the DBR are studied. The results show that the natural frequencies and the corresponding vibration shapes of the DBR based on lumped mass change significantly when the variations of the above parameters are considered. In the process of the movement of the DBR, the random impact force of diamond beaded is the key factor that causes the natural frequency of the DBR to fluctuate., In the high-order modal analysis, the natural frequency and vibration mode of the DBR fluctuate more obviously. The relative error of the result between the calculated and the measured is less than 10%, which validates the proposed method.