The static and dynamic stability analysis of air-lubriceted tilting pad journal bearing which considers tilting effect of each pad and preload but neglects pad inertia were performed. And these characteristic analysis were performed with elasticity effect too. A direct numerical method is used in calculating the static characteristics such as load carrying capacity, firction force and perturbation method is used for calculation of dynamic characteristics. The stability analysis was performed with the variation of bearing number, eccentricity ratio and attitude angle considering pad elasticity effect.