A new type of multi-leaf foil bearing with spring elastic support structure is proposed to increase the load capacity of the oil lubricated foil bearing. Based on the Castigliano’s theorem, the model of elastic deformation for the foil structure with supported spring is established and the total structure flexible matrix for elastic support structure and cantilevered curved beam is obtained. By employing the finite difference method, steady incompressible Reynolds equation is solved. Then the static equilibrium positions for certain rotating speed and load capacity are caculated. The dynamic Reynolds equation is derived by the perturbation method. The dynamic characteristics of this type foil bearing are studied by numerical simulation. The variation of the bearing stiffness and damping coefficients with Sommerfeld parameter and load capacity is analyzed. The test rig for dynamic characteristics of the oil lubricated multi-leaf foil bearing is established and corresponding experimental study is carried out. The results indicate that the main siffness and main damping coefficients decrease as the load capacity increases. The dynamic coefficients identified from the experiment are commonly higher than those of the theoritical results, which have similar tendency.