The mechanism of a floating ring in the floating ring bearing system is investigated. Based on Hirs' bulk flow theory, Moody's frication factor equation and generalized incompressible Reynolds Equation, considering the elastic deformation and the whirling motion of the floating ring, the model and the governing equation of the floating ring bearing under the turbulence state were set up. The result of a numerical example showed that the new model can effectually reduced the strong non-linearity of the oil film rigidity which originated by large unbalance; As the whirling motion of the floating ring, the positive oil pressure zone moved in circumferential direction.