The aim of this study is to explore the static and dynamic performance characteristics of finite journal bearings lubricated with a non-Newtonian ferrofluid in the presence of an external magnetic field using the spectral method technique. The modified Reynolds equation governing the film pressure, coming out from the combination of the momentum and continuity equations, is derived. We use the pressure distribution function to study the static and dynamic characteristics and the stability of the given system. Numerical applications are achieved in order to investigate the influence of the various parameters on the stability behavior of the system. For instance, it is observed that the journal loci get stable as the magnetic force increases. The non-Newtonian, the distance ratio, and the magnetic parameters play an important role in administrating the stability behavior. The non-Newtonian parameter is found to stabilize the system, while the magnetic force coefficient destabilizes it. Furthermore, for law eccentricity ratios, the stability of this system is significant.