Water lubricated rubber bearings are one of the most appropriate bearings for underwater use. The most popular design used widely today is the straight fluted rubber bearing. The special configuration leads to partial hydrodynamic lubrication and low load capacity. A new bearing bush structure which is favorable for constructing continuous hydrodynamic lubrication was designed and produced for experiment in the paper. The eccentricity ratio of the new structure rubber bearing was measured under different loads in experiment. Used the measured eccentricity ratios, the load capacity was calculated by numerical simulation and compared with the given test values. The calculated values were in good agreement with the given test results. The results show that complete hydrodynamic lubrication can be formed in the new designed rubber bearing. The experimental results also indicate that there is an appropriate bearing clearance which the load capacity is up to the maximum.