The influence of aerated oil on a high-speed journal bearing is examined by classical thermohydrodynamic lubrication theory coupled with analytical models for viscosity and density of air-oil mixture in fluid-film bearing. Convection to the walls and mixing with supply oil and re-circulating oil are considered. With changing eccentricity ratio, it is investigated the effects of air bubbles on the performance of a high-speed plain journal bearing. Just at the moderate eccentricity ratios, even if the involved aeration levels are not so severe and the entrained air bubble sizes are not so small, it is found that the bearing load and friction force may be changed so visibly for the high speed bearing operation.