This paper was concerned with theoretical analysis and the static characteristics of the journal bearing lubricated with magnetic fluid. A general Reynolds equation based on magnetic fluid model is obtained, which can be easily extended to other non-Newtonian fluids and this equation can provide theoretical basis for hydrodynamic analysis of magnetic fluid journal bearings. For the case of static loaded magnetic journal bearings, the influence of magnetic fluid effects on the lubrication performance is studied under various eccentricity ratios, magnetic intensity and concentration. The numerical results show that: with the increasing of concentration, the bearing capacity is obviously increased; the increase magnitude is larger when the eccentricity ratio is large. Under the effect of magnetic field, the bearing capacity increasing with the increasing of magnetic field intensity. When the eccentricity is small, the side leakage is highly decreased. It can be completely eliminate by appropriately designing the bearing geometry and the magnetic field which can’t be existed in normal journal bearings.