So-called PV value can reflect the synthetic using performance of sliding bearings and the limit pressure of the lubricant. The newly developed multifunctional tester was introduced in this paper for investigating the PV limit values of bearings, in which the speed spectrum and load spectrum were first timely introduced to simulate the bearings' actual working conditions. In this test-bed, four samples, i.e., four friction couples can be dynamically and synchronously tested and measured. The developed measurement and control software based on object –oriented language has the functions of data collecting, processing, alarming and controlling etc. In the system, several measures have been taken to resist electromagnetism disturbances in both hardware and software parts. The disturbance signals have been effectively screened and restrained, so as to the stability and precision of the tested data have been greatly improved.