The roller-floating bush pin is a major component in the fuel supply mechanism of a diesel engine, and its tribological performance seriously affects the reliability of the equipment. In this study, a transient thermoelastic hydrodynamic lubrication analysis model of the double-layer oil film on the roller-floating bush pin is established, which is coupled with the dynamic and kinematic analysis model of the cam-roller. The transient dynamic characteristics, such as time-varying speeds and loads of the roller during the operation of the cam, were considered. Also, the elastic deformation and the thermal effect were considered in the lubrication model. The relevant experimental platform for this double-layer oil film lubrication structure was built, and the simulation model was verified through experiments. The influence of the operating conditions, including cam speed and plunger fuel pressure, on the lubrication performance of the structure is explored, and besides, the influence of the structural parameters, including length-diameter ratios and clearance ratios, is also analyzed. It shows the lubrication condition of the inner oil film is worse compared with the outer oil film. As the explored factors change, the pressure of the inner oil film is more affected than that of the outer oil film. This work could provide useful guidance in designing the roller-floating bush pin in the fuel supply mechanism.