Journal misalignment is common in journal bearings. When severe journal misalignment takes place, it affects nearly all aspects of bearing performance. This paper provided a comprehensive analysis of misaligned journal bearings based on two different mass-conservative models which appropriately took into account film rupture and reformation. The lubrication characteristics and performance parameters including the cavitation zones, pressure distribution, density distribution, oil leakage, load capacity, moment, and attitude angle were compared with the traditional lubrication model. The results showed that cavitation has great effect on bearing performances, especially when the surface roughness is large. Therefore, it is necessary to consider the effects of journal misalignment alongside inter-asperity cavitation theory in the design and analyses of journal bearings.