A modified transfer matrix method (MTMM) is developed to analyze rotor-bearing systems with an asymmetric shaft and asymmetric disks. The rotating shaft is modeled by a Rayleigh-Euler beam considering the effects of the rotary inertia and gyroscopic moments. Specifically, a transfer matrix of the asymmetric shaft segments is derived in a continuous-system sense to give accurate solutions. The harmonic balance method is incorporated in the transfer matrix equations, so that steady-state responses of synchronous and superharmonic whirls can be determined. A numerical example is presented to demonstrate the effectiveness of this approach.