Water lubricated bearings differ from water lubricated bearings in its special choice of material. A novelty material developed with an aim to improve the lubricating performance and bearing capacity, water lubricated bearings BTG plastic alloy is based on latex material, synthesized with different fillings, accelerators and other matters, and displays great mechanical and friction properties. In order to expand its application to the field of water lubrication, a bettered formula was adopted from the aspects of vulcanization, reinforced filling and softened plastification systems to improve its mechanical property. In the experiment, three-leveled orthogonal tests were conducted for the three systems to test the tensile strength, tearing strength, stress at definite elongation, hardness and tensile rate. The impacts of the respective systems were analyzed and the content of each component are determined to get the optimal formula. The modified bearings enjoy some mechanical properties that live up to or even exceed American military standards MIL-B-17901(Vessel).