High performance materials with low friction and high vibration-absorbing properties play a vital role in stable operation of water-lubricated ship stern bearings. Therefore, a TPU composite material reinforced by WS2 and UHMWPE was prepared. After friction and vibration tests, it was found that WS2 reduced the coefficient of friction of TPU matrix with its excellent lubricating properties, and after adding UHMWPE, the coefficient of friction continued to drop to 0.07 and became more stable during the whole friction process. The synergistic effect of WS2 and UHMWPE effectively reduced the friction and amplitude of the composite and made the composite present the best tribological and vibration-absorbing performance. This research provided a basis for the design of new water-lubricated ship bearing materials.