Abstract: Accurately predicting the performance of gas foil bearings (GFBs) is important. This paper presents a new fully coupled elastic–aerodynamic model for analyzing the static performance of gas foil journal bearings (GFJBs). The gas compressible lubrication model was solved in MATLAB to obtain the gas pressure. The foil structure deformation was solved in COMSOL by considering the Coulomb friction and allowing the contact surfaces to be separated from each other. Under given load and rotational speed conditions, the calculated minimum gas film thickness and attitude angle match well with the literature data, validating the accuracy of the developed model. Based on the model developed, a comprehensive and systematic analysis of the effects of the structural parameters on the static performance was performed. The results showed that as the bump height, top foil thickness, and bump foil thickness increased, the load capacity could be improved to different degrees. The bump foil thickness had the greatest effect on the load capacity. These results provide theoretical guidance for the structural design and practical applications of GFJBs.