Contrary to conventional journal bearings, which operate using oil-based substances, water-lubricated bearings (WLBs) utilize water and, thus, constitute a more environmentally responsible solution. The shipping industry, among others, as already been introduced to this technology with a lot of commercial ships using water-lubricated stern tube systems; in other cases, hydropower plants manage to keep up with the strict environmental regulations by implementing the use of WLBs in water turbines. However, there are a lot of challenges when it comes to transitioning from conventional bearings to water-based ones. Such challenges are caused by the low viscosity of water and lead to phenomena of high complexity. Such phenomena are related but not limited to cavitation and turbulent flow due to the interaction between the lubricating water and bearing surface. In this study, a numerical method will be used to simulate the fluid film and bearing geometries in order to perform a thermo-elastohydrodynamic (TEHD) analysis. The dynamic characteristics of the bearing will be calculated and the results will be discussed. The novelty of the study is evident in but not limited to the determination of the elastic deformation of a WLB during operation, as well as the effect of surface roughness, cavitation, and thermal effects on bearing characteristics.