The externally pressurized gas journal-thrust bearing with slot restrictors is investigated by the finite element technique. A consistent transform principle is proposed in this paper to simplify the analysis of Reynolds equation for journal and thrust bearing. The second-order partial differential equation, Reynolds equation, is reduced by one-order with weighted residual method in the discretization procedure, which releases the requirement of continuity degree of the interpolation function while finite element method is adopted. The static characteristics of externally journal-thrust gas bearing are analyzed. Factors that influence the radial and axial bearing capacity are discussed. The interactional rules that exist between the journal bearing part and thrust bearing part are discovered. Predicted characteristics are in good agreement with experimental results.