The solution of Reynolds equation and computational fluid dynamics are widely employed for the lubrication performance analysis of aerostatic thrust bearing. However, the solution of Reynolds equation may be inaccurate and cannot present detailed performance near orifice, while computational fluid dynamics method has low computational efficiency with time consumption in mesh generation and solving Navier–Stokes equations. In order to overcome the drawbacks of Reynolds equation and computational fluid dynamics, based on the method of separation of variables, a semianalytical method is developed for describing the characteristics of aerostatic bearings available. The method of separation of variables considering the initial and viscous effect is more accurate than the Reynolds equation and can present detailed performance near orifice in the aerostatic thrust bearings, while method of separation of variables has great computational efficiency compared to computational fluid dynamics. Meanwhile, the pressure distribution calculated by method of separation of variables is compared to the published experimental data and the results obtained by computational fluid dynamics. The comparative results indicate validity of the method. Furthermore, the influences of flow and geometry parameters, such as supply pressure, orifice diameter, film thickness, and bearing radius, on the characteristics of aerostatic thrust bearings with single orifice are studied. The results show that there exists pressure depression phenomenon near orifice. The depression phenomenon is strengthened with increase of film thickness and supply pressure and decrease of orifice diameter and bearing radius, while the maximum speed increases with strengthening of pressure depression due to decrease of minimum local pressure near orifice. Moreover, the bearing capacity increases with increase of supply pressure, orifice diameter, and bearing radius and decreases with increase of film thickness, while mass flow rate increases with supply pressure, orifice diameter, and film thickness and it is not sensitive to bearing radius.