The article describes the effect of a magnetic field applied to a ferrofluid–lubricated hydrodynamic journal bearing–rotor system. A rotor with a single journal bearing in one end was built to be the test rig. The experimental results showed that 3 to 8 permanent magnets, arranged by different methods, can all increase the instability threshold of the oil bearing. Especially, the magnetic field formed by eight magnets has the optimal effect. The whirl speed and the whip speed can be increased from 3024 rpm to 4480 rpm, and from 3184 rpm to 5268 rpm.