There exist laminar and turbulent flow in the inner and outer fluid film of the hybrid floating ring bearing at high speed. The finite element method (FEM) and finite difference method (FDM) are used to solve the thermohydrodynamic (THD) lubrication model within the laminar and turbulent mixed flow regime which governs the pressure, temperature, viscosity, and Reynolds number of the two-layer fluid films together for a type of the journal hybrid floating ring bearing with deep/shallow pockets. The static and dynamic characteristics are analyzed including the load capacity, the friction moment, the volume flowrate, the stiffness, and damping coefficients with consideration of the mixed flow and thermal effect based on the floating ring balance. The unitized kinematic model of the shaft and floating ring is proposed to deduce the instability criteria and calculate the threshold rotational speed of a rigid Jeffcott rotor system supported on two hybrid floating ring bearings by the Routh–Hurwitz method. The results present that there are non-uniform pressure and temperature profile within the fluid film field, and the laminar flow and turbulent flow appear at certain positions of film through theory and experiment, separately. The mixed flow effect promotes the bearing load capacity and the friction moment at high speed and eccentricity, and the system threshold speed drops within the mixed flow regime. Therefore, the thermal effect and mixed flow existing in the fluid film should be considered into the lubrication analysis for the floating ring bearing.