In order to study the frictional lubrication characteristics of a piston pump under varying loads and speeds in actual work, mathematical models, such as a cylinder dynamics model, cylinder micro-motion model, and external return spherical bearing pair lubrication model, were established under full working conditions. The influence of different parameters on the lubrication characteristics of the external return mechanism under full working conditions was analyzed. The results show that in a working cycle, when the pump was at low working pressure, the maximum value of the maximum oil film pressure increased with an increase in the cylinder block speed, which is basically consistent with the ideal conditions. With an increase in the working pressure, the maximum value first decreased and then increased with an increase in the cylinder block speed. When the cylinder block speed was constant, the total friction power increased with an increase in the working pressure and the internal as well as external swash plates’ inclination; considering the contact surface roughness of a friction pair under full working conditions, the total friction power increased by 46.8% compared with the ideal working conditions. The axial leakage flow increased with an increase in the external swash plate inclination and remained unchanged with an increase in the internal swash plate inclination. This research is beneficial for improving the lubrication theory of the external return mechanism and lays a foundation for improving its working performance.