An active hydromagnetic journal bearing is designed and presented in this study, which is a new and innovative type of hybrid journal bearing. The proposed new mechatronic smart device has a common bearing shell that contains the two parts of the bearing, which is an attempt to combine the advantages of both types of bearings to overcome their drawbacks and give rise to new possibilities for instability control, increased load-carrying capacity, diagnostics of the rotor system, etc. The active hydromagnetic journal bearing should operate as either a hydrodynamic, active magnetic or hybrid journal bearing, depending on the needs of the rotating machinery. The hydrodynamic lubrication is developed in the inner bearing surface, and the electromagnets of the magnetic bearing are placed outside its outer surface. The active hydromagnetic journal bearing is designed with the appropriate clearance, so that both the hydrodynamic and magnetic bearings can operate. The suitable operational regions for the active hydromagnetic journal bearing are calculated and presented as a combination of the optimum ratio between the air gap and the clearance. Additionally, a simulation code using the two-dimensional finite element method (ANSYS) is developed to simulate the performance of the magnetic component of the active hydromagnetic journal bearing, and the ANSYS software is used to obtain a solution for the hydrodynamic pressure field. The dynamic characteristics of the hybrid journal bearing in terms of the stiffness and damping coefficients versus the Sommerfeld number are calculated and presented. In the hybrid bearing operation, the corresponding stiffness and damping coefficients are used to simulate the hydromagnetic bearing dynamic behaviour. Each hybrid coefficient consists of two parts; the hydrodynamic and the magnetic part. When the operation is purely hydrodynamic, the magnetic parts of the dynamic coefficients are zero and vice versa, whereas both parts are present in the hybrid operation mode.