As for the micro gas bearing operating at a high temperature and speed, one wedge-shaped microchannel is established, and the hydrodynamic properties of the wedge-shaped gas film are comprehensively investigated. The Reynolds equation, modified Reynolds equation, energy equation, and Navier–Stokes equations are employed to describe and analyze the hydrodynamics of the gas film. Furthermore, the comparisons among the hydrodynamic properties predicted by various models were performed for the different wedge factors and the different wall temperatures. The results show that coupling the simplified energy equation with the Reynolds or modified Reynolds equations has an obvious effect on the change of the friction force acting on the horizontal plate and the load capacity of the gas film at the higher wedge factor and the lower wall temperature. The velocity slip weakens the squeeze of the gas film and strengths the gas backflow. A larger wedge factor or a higher wall temperature leads to a higher gas film temperature and thus enhances the rarefaction effect. As the wall temperature is elevated, the load capacity obtained by the Reynolds equation increases, while the results by the Navier–Stokes equations coupled with the full energy equation rapidly decrease. Additionally, the vertical flow across the gas film in the Navier–Stokes equations weakens the squeeze between the gas film and the tilt plate and the gas backflow.