Water-lubricated bearing is an indispensable component in propulsion systems on the ship and submarine. Currently, when water-lubricated bearing operates, enormous device damages caused by wear loss and friction-induced vibration of bearing materials will result in lack of concealment and safety. Therefore, a higher performance bearing material is urgently needed. In this paper, a novel kind of ternary Nitrile butadiene rubber/Polyurethane/Epoxy (NBR/PU/EP) interpenetrating polymer networks (IPNs) are successfully prepared and the damping and tribological properties are systematically investigated. Results show that NBR/PU/EP IPNs with a mass ratio of 100:40:60 possess the widest effective damping temperature range, lowest coefficient of friction and specific wear rate under water lubrication conditions. Excellent damping and tribological properties are attributed to unique micro-phase continuous structure evidenced by TEM analysis. The present work is expected to provide a new idea and practical basis for preparing higher performance rubber-based water-lubricated bearing materials.