The present theoretical analysis is to investigate the effect of non-Newtonian pseudoplastic lubricant (lubricant blended with viscosity index improver and viscosity thickener)–Rabinowitsch fluid model on the performance of externally pressurized hydrostatic thrust bearing. The expression for pressure has been derived using an energy integral approach. The load capacity and frictional torque of the bearing have also been numerically calculated for various values of viscosity index improver along with the centrifugal effects. The results so obtained are compared and found to be in good agreement with the earlier theoretical and practical results of Dowson, and the effect of viscosity index improver is also analyzed.