Cavitation phenomenon in lubricants significantly influences the performance of associated machinery. In this paper, the cavitation mechanism of an oil-film bearing is attributed to gaseous cavitation, and a new gaseous cavitation model based on air solubility in the lubricant is presented. The model is validated using the Reynolds equation algorithm for fixed-geometry oil-film journal bearing, and the predicted results at different eccentricity ratios show good agreement with published data. The analyses show that gaseous mechanism can explain the cavitation phenomena that occur in the bearing except for very heavy load cases. In particular, this new model is compatible with the Jakobsson–Floberg–Olsson condition. Therefore, the new model has an explicit physical meaning, can produce good results, can identify whether vaporous cavitation occurs, and more importantly, can provide a novel means of developing cavitation models for low-vapor-pressure lubricants.