The increasing ecological awareness and stringent requirements for environmental protection have led to the development of water lubricated bearings in many applications where oil was used as the lubricant. The chapter details the theoretical analysis to determine both the static and dynamic characteristics, including the stability (using both the linearised perturbation method and the nonlinear transient analysis) of multiple axial groove water lubricated bearings. Experimental measurements and computational fluid dynamics (CFD) simulations by the Tribology research group at Queensland University of Technology, Australia and Manipal Institute of Technology, India, have highlighted a significant gap in the understanding of the flow phenomena and pressure conditions within the lubricating fluid. An attempt has been made to present a CFD approach to model fluid flow in the bearing with three equi-spaced axial grooves and supplied with water from one end of the bearing. Details of the experimental method used to measure the film pressure in the bearing are outlined. The lubricant is subjected to a velocity induced flow (as the shaft rotates) and a pressure-induced flow (as the water is forced from one end of the bearing to the other). Results are presented for the circumferential and axial pressure distribution in the bearing clearance for different loads, speeds and supply pressures. The axial pressure profile along the axial groove located in the loaded part of the bearing is measured. The theoretical analysis shows that smaller the groove angle better will be the load-carrying capacity and stability of these bearings. Results are compared with experimentally measured pressure distributions.