Based on Hamilton's principle, a new kind of fully coupled nonlinear dynamic model for a rotating rigid-flexible smart structure with a tip mass is proposed. The geometrically nonlinear effects of the axial, transverse displacement and rotation angle are considered by means of the first-order approximation coupling (FOAC) model theory, in which large deformations and the centrifugal stiffening effects are considered. Three kinds of systems are established respectively, which are a structure without piezoelectric layer, with piezoelectric layer in open circuit and closed circuit. Several simulations based on simplified models are presented to show the differences in characteristics between structures with and without the tip mass, between smart beams in closed and open circuit, and between the centrifugal effects in high speed rotating state or not. The last simulation calculates the dynamic response of the structure subjected to external electrical loading.