Water-lubricated bearing has become the development trend in the future because of its economy and environmental friendliness. The poor friction performance under low speed and heavy load seriously limits the popularization and application of water-lubricated bearings. Learning from nature, the phenomenon of low friction and wear in nature has aroused great interest of scientists, and a lot of research has been carried out from mechanism analysis to bionic application. In this review, our purpose is to provide guiding methods and analysis basis for the bionic design and theoretical research of anti-friction and anti-wear of water-lubricated bearings. The development of water-lubricated bearing materials are described. Some typical examples of natural friction reduction and drag reduction are introduced in detail, and several representative preparation methods are listed. Finally, the application status of bionic tribology in water-lubricated bearings is summarized, and the future development direction of water-lubricated bearings is prospected.