Water-lubricated bearings usually operate under severe environmental conditions, most likely in the mixed regime, in which surface contact between the drive shaft and the bearing sleeve is often significant. This presents great challenges to bearing design, especially material selection. The Tenmat, Thordon, and Rubber are common water-lubricated bearing composites. In this paper, by using a block-on-ring test apparatus, the Stribeck curve, wear rate, and vibration characteristics of three kinds of polymer materials in water-lubricated bearings (Tenmat, Thordon SXL, and Ben Teng Group (BTG) Rubber) under low speed and heavy load were studied. The experimental results show that, under the same working conditions, BTG rubber has excellent tribological properties and vibration properties. The research method in this paper can provide references for the selection of materials used for friction pair, improvement of working performance and vibration reduction of water-lubricated bearings in the future.