The dynamic stability and self-excited postcriticaI whirling of rotating transversally loaded shaft made of a standard material with elastic and viscous nonlinearities are analyzed in this paper using the theory of bifurcations as a mathematical tool. Partial differential equations of motion are derived under assumption that yon Karman's nonlinearity is absent but geometric curvature nonlinearity is included. Galerkin's first-mode discretization procedure is then applied and the equations of motion are transformed to two third-order nonlinear equations that are analyzed using the theory of bifurcation. Condition for nontrivial equilibrium stability is determined and a bifurcating periodic solution of the second-order approximation is derived. The effects of dimensionless stress relaxation time and cubic elastic and viscous nonlinearities as well as the role of the transverse load are studied in the exemplary numerical calculations. A strongly stabilizing influence of the relaxation time is found that may eliminate self-excited vibration at all. Transition from super-to subcritical bifurcation is observed as a result of interaction between system nonlinearities and the transverse load.