Water-lubricated bearings play a critical role in underwater propulsion systems but are often prone to failure due to mechanical wear and vibration, especially under high loads and prolonged friction. In response to this issue, our study introduces a novel approach: a dual network co-crosslinking strategy utilizing hydrogenated nitrile butadiene rubber (HNBR). This strategy connects the rubber network with the epoxy network through epoxidized Eucommia ulmoides gum. A comprehensive analysis was conducted to assess the resulting composite’s damping, tribological, and mechanical properties. The results show that the material has excellent mechanical, damping, and tribological properties relative to pure HNBR, with a 65.9% increase in the damping temperature domain, a 78.5% increase in tensile strength, a low coefficient of friction of 0.022, and a high resistance to abrasion of 3.87 × 10 −6 mm 3/Nm. The successful synthesis of HNBR-based composites via the dual network co-crosslinking strategy underscores their potential as a practical solution for improving the reliability and prolonging the service life of water-lubricated bearings.