In this study, polydopamine and silver-modified graphene oxide (Ag/PGO) were prepared using a one-step method, and the effects of Ag/PGO as a lubricating oil additive on the viscosity, thermal conductivity, and lubricating performance of lubricating oil were studied. The influence of additive lubricating oil on the temperature increase and vibration of a high-speed motorized spindle was studied through a motorized spindle experiment. The results showed that the addition of Ag/PGO nanocomposites could improve the thermophysical properties and lubricating properties of the lubricating oil. The Ag/PGO nanoparticles deposited on the friction surface formed a friction protective film, which prevented direct contact between the friction pairs and effectively reduced the heat generated through friction and micro-peak collision during bearing operation. The lubricating oil containing Ag/PGO had high thermal conductivity and a good heat dissipation effect in convection heat transfer in the bearing cavity. The deposition and repair of nanoparticles could improve the micro-morphology of the friction surface and reduce the high-frequency amplitude of the motorized spindle.