The present theoretical analysis investigates the simultaneous effect of lubricant inertia and non-Newtonian pseudoplastic lubricant (lubricant blended with viscosity index improver and viscosity thickener)–Rabinowitsch fluid model on the performance of externally pressurized annular hydrostatic thrust bearings. A close form solution is obtained for pressure distribution. The effect of centrifugal inertia on the pressure distribution in the recess region is considered by taking non-constant recess pressure under a hydrodynamic condition. The load capacity and flow rate have been numerically calculated for various values of viscosity index improver together with the centrifugal inertia effects. In the limiting case in which there is an absence of pseudoplasticity, the results are compared with the pre-established Newtonian lubricants and are found to be in good agreement.