This paper presents an analytical method for lubrication film performanceof squeeze film damper with oil-air two-phase fluid on the basis of the testing results and numerical analysis of oil film cavitation. The calculational results for the pressure distribution of lubrication oil film are in good agreement with the experimental results. The damper performance data obtained from two-phase fluid analysis are also compared with the results calculated by pure oil film damper. It is proven that the data can be used for the engineering analyses. The analytical method can be extended for the other bearings with similar lubrication film of oil-air two-phase fluid.