A novel bearing lubricating device, which is embedded in gyroscope’s bearing system and based on the theory of the piezoelectric micro-jet, was designed for this study. The embedded structure of a bearing lubricating system can make effective use of the limited space of bearing systems without increasing the whole mass of the system. The drop-on-demand (DOD) lubrication can be realized by the piezoelectric micro-jet system to implement the long acting lubrication of the bearing system. A mathematical model of inlet boundary conditions was established to carry on the numerical simulation based on CFD. The motion states of the droplets with different voltage excitations were analyzed via numerical simulations, and the injection performances of the piezoelectric micro-jet lubricating device were tested in accordance with past experiments. The influences of different parameters of voltage excitation on injection performance were obtained, and the methods of adjusting the injection performance to meet different requirements are given according to the analyses of the results. The mathematical model and numerical simulation method were confirmed by comparing the results of past simulations and experiments.