On maritime vessels, external factors such as explosions, collisions, and grounding can cause the emulsification of lubricating oil by seawater pollution, which can affect the lubrication of a ship’s thrust bearing. To explore the influence of the mixed emulsification of lubricating oil and seawater on the lubrication performance of thrust bearings, this study conducted an emulsification experiment, from which the viscosity equation of the oil–water mixture was obtained. A thermal hydrodynamic model (THD) of bearings considering oil–water mixed emulsification was established, and the Finite Difference Method (FDM) was used for analysis. The results show that according to the characteristics of the manifold, the mixture is divided into water-in-oil (W/O) and oil-in-water (O/W). In the W/O flow with higher viscosity, the film thickness becomes higher, but the power loss increases. In the O/W manifold with low viscosity, the thin film easily causes mixed friction. In the demulsification stage of the mixed liquid, the thickness loss of the film is huge, and the collision between the thrust-bearing pad and the inference plate may cause the pad to be ablated. The influence of specific heat capacity on temperature is greater than the temperature rise caused by viscosity.