Cavitation has a potential effect on the performance of full circle journal bearings. This paper studied the effects of cavitation on steadily loaded journal bearings, with the purpose of analyzing the necessity of adopting a mass-conserving model for ordinary journal bearings. The Christopherson’s method and Elrod cavitation algorithm were implemented to represent the non-mass-conserving Reynolds model and the mass-conserving Jakobsson-Floberg-Olsson (JFO) theory, respectively. The difference in the oil film reformation boundaries predicted by the two methods was focused on. The typical performance parameters including oil film pressure, load-carrying capacity, attitude angle, friction force, and leakage were comprehensively compared. The results show that the load-carrying capacity is improved by the decrease in cavitation pressure, and the effect is significant in lightly loaded cavitated bearings. In non-cavitated cases and the cavitated cases with intermediate and heavy loads, the difference between the Reynolds model and the JFO theory can be effectively ignored, but the accuracy of the leakage predicted using the Reynolds model should be carefully evaluated.