This study designed an externally pressurized bearing and analyzed the rotordynamics of a turbo expander for a hydrogen liquefaction plant. The turbo expander, comprising a turbine and compressor wheel assembled to a shaft, lowered the temperature of the helium refrigerant. Its rated speed was 75,000 rpm, and an externally pressurized gas bearing was selected to support the rotor. Pressurized helium was used as the lubricant for the bearing operation. To design the rotor–bearing system, we conducted a bearing performance analysis and rotordynamic characteristic prediction using the developed numerical model. We calculated the bearing stiffness and flow rate of the bearing gas for various feed parameters and selected the appropriate orifice diameter for maximum stiffness. The predicted Campbell diagram showed that the system had a sufficient separation margin with the critical speed, and the predicted critical speed correlated well with the nonlinear orbit simulation. A successful operation was achieved with the manufactured turbo expander within the rated speed. The shaft vibration was monitored during the operation test, and the test results revealed two critical speeds below the rated speed, as predicted by the analytical model. In addition, the shaft vibration was maintained at <3 μm.