In this research, the steady state and dynamic performances of two-lobe noncircular journal bearings with couple stress lubricant are presented. The lubricating oil, containing additives and contaminants, is modeled as the couple stress fluid. The modified Reynolds equation is obtained using the couple stress lubrication theory and is then solved by finite element method as an efficient numerical technique. The steady-state characteristics of bearings, including the load carrying capacity and attitude angle, are determined for various values of the couple stress parameter. The results show that applying the couple stress fluid improves the efficiency of two-lobe bearings in terms of an increased load carrying capacity and reduced attitude angle. Also, the stability performance of the investigated bearings is studied using rotor motion equations based on linear and nonlinear dynamic methods. The results indicate that any increase in the lubricant couple stress parameter enhances the bearing ability to damp the rotor perturbations. In other words, by varying the lubricant from Newtonian oil to the couple stress type and upgrading its properties, the curves of the critical mass parameter and whirl frequency ratio have an increasing and decreasing trend, respectively. Based on the fourth-order Runge–Kutta method results, the dynamic trajectory of the rotor center in the bearing space changes with increasing the couple stress parameter from diverging disturbances and limits the cycle perturbations around the bearing center to converging oscillations to the static equilibrium point. Moreover, the effect of changing lubricant properties on the two-lobe bearing’s performance is more pronounced at higher values of the couple stress parameter, especially with an increase in the noncircularity of bearings’ geometry.