The hydrostatic bearing oil film plays a key role in supporting and lubricating. As the speed increases, the temperature of the lubricating oil increases and the viscosity decreases. As a result, the bearing capacity of the oil film is reduced, which affects the motion accuracy of the hydrostatic bearing. In this paper, the simulation and analysis of the temperature rise of the hydrostatic bearing oil film under the constant viscosity and the viscosity-temperature effect are performed respectively. Then, based on the fluid-heat-solid coupling analysis theory, the temperature field of the hydrostatic bearing and the thermal deformation of the spindle shaft with and without the viscosity-temperature effect are analyzed separately. The temperature field of the shaft and the thermal deformation of the spindle shaft are analyzed separately. Finally, the bearing temperature and shaft deformation are compared with the experimental values for error analysis. It is found that the error rate is smaller when the viscosity-temperature effect is considered. Considering the viscosity-temperature effect, the maximum error rates of the temperature of the radial and thrust bearing bushes are 11.05% and 7.82%, and the maximum error rates of the thermal deformation of the spindle shaft in the axial and radial directions are 12.03% and 18.57%.