A mathematical model is developed to investigate the combined effect of fluid cavitation and inertia on the fluid pressure buildup of parallel textured surfaces. The fluid cavitation is analyzed using the Rayleigh–Plesset model, and the fluid inertia is analyzed with an averaged method. The finite element method and Newton-downhill method are employed to solve the governing equations. The numerical model is validated by comparing the experimental and numerical results, and the combined effect of fluid cavitation and inertia on the fluid pressure buildup is analyzed and discussed. The research indicates that the cavitation weakens the fluid inertia effect on the pressure distribution at the inlet area of textures. The fluid inertia greatly enhances the hydrodynamic effect and effectively limits the excessive extension of the low-pressure zone caused by cavitation. The fluid cavitation and inertia, especially their interaction, significantly affect the fluid pressure buildup and generate a net load-carrying capacity (LCC). The numerical model with the fluid inertia and cavitation is more time saving than the commercial CFD tools in solutions, which gives a novel and optional HD foundation for developing a more efficient and accurate THD or TEHD model by numerical programming.