In this study, using the governing equations for thermohydrodyamic lubrication involving the homogeneous mixture of incompressible fluid derived by based on the principle of continuum mechanics, it is discussed the effects of water dispersed within engine oil on the performance of high speed journal bearing of a turbocharger. The governing equations are the general equations being able to be applied on the mixture of Newtonian fluid and non-Newtonian fluid. Here, the fluid viscosity index, n of power-law non-Newtonian fluid is supposed to be 1 for the application of the journal bearing on a turbocharger lubricated with the mixture of two Newtonian fluids, water dispersed within engine oil. The results related with the bearing performance are showed that the friction force and bearing load capacity decrease as increasing the volume percent of water.