Gyroscopes with unique designs exhibit specific properties through the action of inertial torques and motions. These unusual attributes are known as gyroscopic effects and include precession motion, the upward movement of a gyroscope, interrelated angular velocities around axes of rotation, and gyroscope nutation. The expressions obtained for the set of inertial torques generated by the spinning disc and the dependency of the angular velocities of gyroscope motions around axes, based on the principle of mechanical energy conservation, represent a powerful theoretical tool that enables the development of mathematical models for motions of any gyroscope. This chapter discusses the formulation of motions for gyroscopes suspended from a flexible cord and describes their physics, which was an unsolvable engineering problem until recently. The mathematical model for the gyroscope motions was practically tested and validated in the laboratory. The theoretical calculations perfectly match the test results. With theoretical provision, the laboratory gyroscope provides valuable practical work for courses in engineering mechanics, theory of machine and mechanism, and machine dynamics at university engineering faculties.