Dynamic properties of the whole broaching machine structure greatly contribute to the broaching quality and efficiency. However, it is hard to measure the dynamic parameters because they will change during operation compared with the static results from classic experimental modal analysis. This study is to examine the dynamic parameters of broaching machine LG7120KT using both the numerical finite element (FE) method and the experimental operational modal analysis (OMA). Firstly, FE analysis model of the broaching machine with the real dimension is constructed and calculated. Second, experimental results are obtained from OMA in practical broaching process, which can be used to identify steady-state modes. Modal parameters including mode shapes, damping ratio, and natural frequencies are examined, using both LMS SCADAS III-305 system and PolyMAX method in OMA. The numerical and experimental results show high agreement in their calculated natural frequencies. From the modal analysis results, it is also found the vibration normal to cutting direction can be greatly reduced by adjusting broaching speed. From the topology optimization result based on the already correlated FE model, we redesigned a lightweight machine structure with a better dynamic performance, due to its lower displacement of broaching machine at force point and its higher first-order natural frequency. The experimental and numerical results in this paper help to design the structural parameters of broaching machine and propose a better broaching process.