Most of the studies with respect to the use of water-lubricated journal bearing are mainly concerned with tribological performance, whereas few studies explore the noise characteristics of such bearing. In this study, the tribological and acoustic behavior of water-lubricated journal bearing is studied using a rigorous program containing combined CFD and two-way FSI procedures for simulating elastohydrodynamic simulation for a range of different bearing materials. To model cavitation in the bearing, the multiphase flow mixture model is employed, while acoustical properties are investigated through broadband noise source models. The numerical results demonstrate that the bearing deformation has a great effect on the tribological characteristics of water-lubricated journal bearing, and this effect cannot be ignored, especially in the case of bearing material with a low elasticity modulus. The results also indicate that the bearing noise is weakly sensitive to the bearing material employed. Furthermore, the effect of operating conditions such as rotational speed and eccentricity ratio on the acoustic and tribological indices are also discussed in detail.