The invention discloses a water lubrication rubber alloy bearing, which comprises a water lubrication rubber alloy bushing and a bearing outer ring. The water lubrication rubber alloy bushing is bonded on the inner circumference of the bearing outer ring through die stamping and vulcanizing, the corresponding coincidence relation is adopted for the radial thickness m of the water lubrication rubber alloy bushing according to the difference of the internal diameter d of the water lubrication rubber alloy bushing. The affect of the radial thickness of the water lubrication rubber inner liner to the bearing capacity and the shock resistant capability of the bearing is comprehensively considered in the water lubrication rubber alloy bearing, the corresponding thickness of the water lubrication rubber inner liner is adopted according to bearings with different specifications, the bearing capacity of the bearing is obviously enhanced, the properties of surface deformation compatibility and elastic fluid dynamic pressure lubrication and the good silt, sand and impurities drainage capacity are strengthened, the service life of the water lubrication rubber alloy bearing is more than three times the similar bearing, the water lubrication rubber alloy bearing has the advantages of vibration damping, noise reduction, abrasion resistance, reliability, high efficiency, energy conservation and environmental friendliness and can be widely applied to the fields of the engineering equipments of machinery, marine vessel, petroleum, chemical industry, mine, water conservancy, agriculture and national defense.