Based on the theory of hydrostatic bearings, this paper presents a study of replacing the rolling bearings in a cold drawing spindle with the liquid hydrostatic bearings. An unloading mechanism is designed, containing two hydrostatic radial bearings and a thrust bearing, according to the mechanical characteristics of the spindle. In this study, a mathematical model of the hydrostatic bearing oil pad is developed. The effects of the rotating speed on pressure and flow fields of the oil pad are simulated using the finite element analysis and verified experimentally. The pressure in all recesses decreases with the rotation speed. Oil velocity of the radial hydrostatic bearing recess increases with the rotation speed, while the fluid flow velocity has almost no correlation with the rotation speed of the thrust bearing. The numerical and experimental results of the pressure in the recesses are consistent, confirming the validity and feasibility of this design.