Bubble evolution and shear thinning effect are main factors affecting lubrication behavior of bubbly oil. In this study, a thermohydrodynamic lubrication model for the bubbly oil considering the bubble evolution and the shear thinning effect was established based on the multiphase mixtures theory. The influence of bubble evolution and shear thinning effect on the static behavior of bubbly oil lubricated bearing was analyzed, and an experimental study was conducted to verify the model. The result shows that the bubble radius is mainly dependent on the liquid pressure; the bearing static behavior is affected by the bubble evolution through the interface effect; the shear thinning effect of the pure oil can be enhanced with regarding the bubble evolution effect. •A thermohydrodynamic lubrication model for the bubbly oil was established based on the multiphase mixtures theory.•Bubble evolution and shear thinning effect on the lubrication performance of bubbly oil is discovered.•The bubble evolution process can be calculated with using the thermohydrodynamic lubrication model established.•An in-depth physical research on the bubbly oil lubrication is conducted through a case study with using journal bearing.