The stability of the flexible rotor mounted on circumferentially grooved floating ring journal bearings was investigated theoretically and experimentally. The floating ring journal bearing was analyzed by using JFO reformation boundary condition. The flexible shaft was analyzed by the finite element method based on Rayleigh beam theory. It was found that the measured ring speed agrees well with the theoretical results. The instability of the system due to not only the outer film but also the inner film of the bearing could be predicted by the theory which allows negative vapor pressure. The tendency that reducing the supply pressure of lubricant stabilizes the system was observed both experimentally and theoretically.