Water-based lubricants have become increasingly prevalent across various fields due to their accessibility, cooling properties, and environmentally friendly characteristics. This study investigated the non-Newtonian properties of polyoxyethylene oxide (PEO) aqueous solutions. The rheological behaviors of 1%, 2%, and 3% PEO aqueous solutions were assessed using a flat plate rheometer. Shear strain responses were comprehensively analyzed, resulting in the derivation of the corresponding power law functions. The total loads of 1%, 2%, and 3% PEO aqueous solutions can be obtained by the numerical integration of Reynolds equations. Results indicate that at high shear strain rates, load-carrying capacity increased; however, the rate of increase gradually diminished as the shear strain rate rose. In practical applications, shear stress is subject to fluctuations; negative viscosity occurs resulting in reduced hydrodynamic pressure and potential lubrication failure. Full viscosity and incremental viscosity are introduced, with the latter being identified as a crucial factor that provides a more direct characterization of the relationship between shear stress and shear strain rate. This factor significantly influences the load-bearing capacity of the lubrication film in non-Newtonian fluids.