A rigid sphere approaching a lubricated flat surface with a layer of elastic coating on the elastic substrate is explored under constant load conditions. The transient pressure profiles, film shapes, elastic deformation, von Mises stress () during the pure squeeze process under various operating conditions in the elastohydrodynamic lubrication (EHL) regime are discussed. The simulation results reveal that the greater the Young's modulus of coating is, the greater the pressure distribution is, the smaller the contact area is, and the greater the maximum stress () value is. As the Young’s modulus of coating decreases, the central elastic deformation at the surface (Z = 0) increases and the deformation at the interface of coating/substrate (Z = −1) decreases. For hard coating cases, the maximum central pressure increases to an asymptotic value and minimum film thickness decreases to an asymptotic value as the coating thickness increases. For soft coating cases, this phenomenon reverses. A thicker and stiffer coating leads to a higher maximum stress. At the deformation recovery stage, the positions of the maximum stress would begin to offset downwards and closer to the coating/substrate interface. Moreover, the position of maximum stress varies from the coating to the subsurface as the Young’s modulus of coating increases. The EHL with stress analysis can prevent the chance of fracture in coating or substrate. These characteristics are important for the lubrication design of mechanical elements with coatings.