Aimed at the problem that the non-coupling method cannot analyze the interaction of the bearing bush, lubricating oil and journal, and the problem that the normal FSI method cannot truly reflect the bearing’s working, a novel transient analysis method combined with the computational fluid dynamics (CFD), fluid-structure interaction (FSI), and thermal fluid-structure interaction (TFSI) was proposed. The multi-physical field coupling of the velocity field, pressure field and temperature field based on time-varying condition were studied, taking cavitations into consideration. Eccentricity, temperature rise, as well as the axial trajectory from the startup to the steady state, were accurately calculated under constant load. The effect of cavities, rotational speed, and load on the pressure, eccentricity, temperature rise, and cavitations was considered. The results obtained by the proprosed method agree well with the experimental results.