In this paper, a turbulent cavitating flow lubrication model based on two-phase fluid and population balance equation of bubbles was established to analyze dynamic characteristics of high speed water-lubricated spiral groove thrust bearings(SGTB). Stiffness and the damping coefficients of the SGTB were calculated using the perturbation pressure equations. An experimental apparatus was developed to verify the theoretical model. Simulating and experimental results show that the small-sized bubbles tend to generate in the turbulent cavitating flow when at a high rotary speed, and the bubbles mainly locate at the edges of the spiral groove. The simulating results also show that the direct stiffness coefficients are increased due to cavitation effect, and cross stiffness coefficients and damping coefficients are hardly affected by the cavitation effect. Turbulent effect on the dynamic characteristics of SGTB is much stronger than the cavitating effect.