Based upon the Stokes micro-continuum theory, the problem of lubrication of finite hydrodynamic journal bearing lubricated by magnetic fluids with couple stresses is investigated. By taking into account the couple stresses due to the microstructure additives and the magnetic effects due to the magnetization of the magnetic fluid, modified Reynolds equation is obtained. The effects of couple stresses are studied by defining the couple stress parameter L that can be considered as a measure of the chain length of the additive molecule. The magnetic effects of the magnetic fluid are investigated by the magnetic coefficient c. Using the finite-difference technique and for different values of couple stress parameter and magnetic coefficient, the Reynolds equation is solved, and pressure distributions are obtained. The bearing static characteristics namely load carrying capacity, attitude angle, friction coefficient, and side leakage flow are determined. The results indicate that the influence of couple stresses and magnetic effects on the bearing characteristics are significantly apparent. It is concluded that fluids with couple stresses are better than Newtonian fluids. The improvement of the bearing characteristics is enhanced if the magnetic effects are present.