The performance of the counterrotating floating ring journal bearing is analysed with isothermal finite bearing theory. The effect of counterrotating speed of the sleeve on the performance of the bearing is investigated. It is shown that counterrotating floating ring journal bearings properly designed can have considerable load capacity at the same counterrotating speed, while conventional circular journal bearing with one fluid film cannot. Investigating the relationship between the frictional torques on the ring due to the inner and outer films and the rotational speed of the ring, the stability of the equilibrium state is identified and the operating characteristics of the counterrotating floating ring journal bearing according to the method of acceleration or deceleration of the rotational speeds of the journal and sleeve are clarified. It is theoretically confirmed that floating ring journal bearings can be used in counterrotating journal-bearing system and become good substitutes for rolling bearings in counterrotating systems.