An anti-friction Babbitt alloy-coated bearing made by a casting process is a journal bearing, which is used in an ore cone crusher eccentric. The main purpose of the Babbitt coated eccentric is to provide a low friction to support and guide a rotating shaft. Despite the fact that the Babbitt-coated eccentric offers a low friction coefficient and can be operated without a continuous supply of lubricant, it suffers from mining environments and short service life. In this study, an ultrasonic nanocrystalline surface modification (UNSM) technique was used to further reduce the friction coefficient, to increase the wear resistance, and to extend the service life of the Sn-based Babbitt metal. The friction and wear behavior of the Sn-based Babbitt metal was investigated using a block-on-ring tester under both dry and oil-lubricated conditions. The results of the experiments revealed that the friction and wear behavior of Sn-based Babbitt metal could be improved by the application of the UNSM technique. The friction and wear mechanisms of the specimens were explained and discussed in terms of changes in surface properties—microstructure, surface hardness, surface roughness, etc.