This paper presents a theoretical study concerning the static and dynamic characteristics of high speed journal floating ring hybrid bearing compensated by interior restrictor under laminar flow and turbulent flow respectively. The turbulent flow fluid film control equations and the pressure boundary conditions of this floating ring bearing together with the restrictor flow equation are solved by using the Finite Element Method. The variation regularity of static and dynamic characteristics such as load capacity, friction power loss, stiffness, damping etc. is analyzed. By comparing the laminar flow results and turbulent flow results, it is found that the characteristics coefficients are adjacent under small Reynolds number (laminar flow is dominant). But the characteristics coefficients are discrepant under big Reynolds number (turbulent flow is dominant). So turbulence lubrication theory is more accurate to high speed floating ring bearing.