The dynamics and stability of the high-speed fiber spinning process with spinline flow-induced crystallization and neck-like deformation have been studied using a simulation model equipped with governing equations of continuity, motion, energy, and crystallinity, along with the Phan-Thien-Tanner constitutive equation. Despite the fact that a simple one-phase model was incorporated into the governing equations to describe the spinline crystallinity, as opposed to the best-known two-phase model [Doufas et al. J Non-Newton Fluid Mech, 92:27-66, 2000a]; [Kohler et al. J Macromol Sci Phys, 44:185-202, 2005] that treats amorphous and crystalline phases separately in computing the spinline stress, the simulation has successfully portrayed the typical nonlinear characteristic of the high-speed spinning process called neck-like spinline deformation. It has been found that the criterion for the neck-like deformation to occur on the spinline is for the extensional viscosity to decrease on the spinline, so that the spinning is stabilized by the formation of the spinline neck-like deformation. The accompanying linear stability analysis explains this stabilizing effect of the spinline neck-like deformation, corroborating a recent experimental finding [Takarada et al. Int Polym Process, 19:380-387, 2004].