Various anti-wear and anti-corrosion coatings are applied on the surface of journal and bearing to maximise service life of a bearing system. These coatings influence the wettability of surfaces consequently causes velocity slip phenomena in the bearing system. This article addresses a novel investigation to examine the influences of velocity slip and PVP (Piezo-viscous-polar) lubrication on multirecessed hybrid conical journal bearing (MHCJB). For various cases of velocity slip, novel forms of Reynolds equation are derived and solved numerically by using FEM. The results reveal that velocity slip severely affects the generation of oil film pressure. Consequently, it deteriorates the bearing characteristics viz. load carrying capacity, oil flow rate and rotordynamic coefficients. Further, PVP lubricant offers substantial enhancement in bearing characteristics.