In tribology, the Rayleigh step bearing has the maximum load capacity of any feasible bearing geometry. Traditional tribology resources have demonstrated that the Rayleigh step has an ideal geometry which maximizes load capacity. Both in nature and technology, rough and textured surfaces are essential for lubrication. While surface roughness enhances the performance of the bearings as an efficiency measure, it still has a significant impact on the load-carrying capacity of the bearing. In the present study, we investigate the dynamic characteristics of the Rayleigh step bearing with the impact of surface roughness and a porous medium by considering a squeezing action. Couple stress fluid is considered a lubricant with additives in both the film as well as the porous region. Based on Stokes constitutive equations for couple stress fluids, Darcy’s law for porous medium, and stochastic theory for rough surfaces, the averaged Reynolds-type equation is derived. Expressions are obtained for the volume flow rate, steady-state characteristics, and dynamic characteristics. The influence of surface roughness and the porous medium on the Rayleigh step bearing is analyzed. We investigated the static and dynamic characteristics of the Rayleigh step bearing. As a result, the couple stress fluid increases (decreases) the steady load-carrying capacity, dynamic stiffness, and dynamic damping coefficients, and decreases (increases) the volume flow rate negatively (positively) skewed roughness in comparison with that of the Newtonian case. The results are compared with those of the smooth case.