The contact state of water-lubricated thrust bearing has been researched using FEM (Finite Element Method), the changes of contact pressure, deformation, temperature and etc have been analyzed and the bearing’s tribological properties under low-speed and heavy-load situation has been revealed, which are benefit in improving the bearing design, increasing the bearing’s durability and safety reliability. The results show that the max comprehensive stress, the max contact pressure and the max vertical displacement appear on the platform of the thrust pad; the temperature of one increases along with the speed and axial load increasing, and the highest temperature appears on the platform of the thrust pad.