The woks aims to improve the drag reduction effects of water-lubricated hydrostatic bearing at high speed and predict the cavitation erosion area of the bearing by studying the cavitation and drag-reduction performance. A low-Re k-epsilon model allowing for cavitation was built based on Launder-Sharma Model and the Rayleigh-Plesset equation in order to analyze the influence of cavitation and microtopography of high-speed water-lubricated hydrostatic bearing on drag-reduction effects under different working parameters. Cavitation bubbles mainly appeared in vacuum water sealing suface between water cavities of hydrostatic bearing and near a restrictor orifice, which easily caused cavitation damage to bearing materials. At high speed and small eccentricity, compared with flow direction and spanwise microtopography, column-grooved microtopographic surface had better remarkable drag reduction effect among the three grooved surfaces, and the linear velocities of journal had significant influence on drag-reduction rate. Bearing parameters such as speed, supply pressure, eccentricity ratio can influence the distribution and static property of cavitation bubbles in water-lubricated hydrostatic bearing. In addition, obvious velocity slip contributes to improving drag reduction effect.