A novel ultrasonic levitating bearing excited by three piezoelectric transducers is presented in this work. The transducers are circumferentially equispaced in a housing, with their center lines going through the rotation center of a spindle. This noncontact bearing has the ability to self-align and carry radical and axial loads simultaneously. A finite element model of the bearing is built in ANSYS, and modal analysis and harmonious response analysis are conducted to investigate its characteristics and driving parameters. Based on nonlinear acoustic theory and a thermodynamic theory of ideal gas, the radical and lateral load-carrying models are built to predict the bearing's carrying capacity. In order to validate the bearing's levitation force, a test system is established and levitating experiments are conducted. The experimental data match well with the theoretical results. The experiments reveal that the maximum radical and axial levitating loads of the proposed bearing are about 15 N and 6 N, respectively, when the piezoelectric transducers operate at a working frequency of 16.11 kHz and a voltage of 150 V p-p .