This paper numerically investigates the effect of turbulence and journal misalignment on the lubrication characteristics of micro-grooved bearings with low-viscosity lubricant. The generalized average Reynolds equation satisfying the mass conservation cavitation algorithm is developed by integrating the average flow model proposed by Patir and Cheng, the Ng-Pan turbulent model, and the P- Θ model proposed by Elrod and Adams. With this model, the finite difference method is used in the numerical procedure. Moreover, the mathematical models of micro-grooves with different bottom shapes, that is, rectangle, isosceles triangle, left triangle, and right triangle, are given. The validity of the proposed model is verified by the comparisons with the published literature. Based on numerical simulation, the minimum film thickness, eccentricity ratio, attitude angle, maximum film pressure, friction torque, misalignment moment, film thickness, and pressure distributions under different external loads, rotational speeds, radial clearances, misalignment angles, and micro-groove parameters between models with and without turbulence and misalignment are comparatively analyzed. The numerical results reveal that turbulence may occur under heavy external load, high rotational speed, and large radius clearance. Concurrently, turbulence increases the minimum fluid film thickness and attitude angle, decreases the eccentricity ratio and friction torque, and enhances the bearing capacity. Furthermore, the larger misalignment angle results in the smaller minimum film thickness, eccentricity ratio and attitude angle, and the larger maximum film pressure, misalignment moment, and axial tilt of film pressure. Numerical simulations can provide theoretical guidance for the optimization of the geometrical parameters of micro-grooved bearings.