The nanoparticles-laden gas film (NLGF), which is formed by adding nanoparticles into the gas film, has a potential to increase the load capacity of the gas film and to protect the surfaces of the bearing from severe contact damage. In order to explore the lubrication performance of NLGF, the load capacity in the noncontact state and the friction coefficient in the contact state were studied experimentally by a novel NLGF thrust bearing apparatus. The effects of nanoparticles concentration on the load capacity and the friction coefficient were investigated, respectively. The lubrication performance of NLGF in a 200 start-stop cyclic test was evaluated. The contact surfaces were analyzed by the surface profilometer, scanning electron microscope (SEM), and energy dispersive spectroscopy (EDS). The results showed that NLGF had the enhancement of the load capacity in the noncontact state and possessed the properties of friction reduction and surface protection in the contact state. An optimal nanoparticles concentration of 60 g/m3 was found, making NLGF have a relative high load capacity in the noncontact state and the lowest friction coefficient in the contact state. With the optimal concentration, the friction coefficient with NLGF kept a low value during the 200 start-stop cyclic test. Then the friction reduction mechanism of NLGF was discussed, and it was inferred that the surface of the disk was covered with a protective film formed by nanoparticles, leading to a lower shear force. This study opens new perspectives of adding nanoparticles into gas bearings to improve the lubrication performance.