This paper presents theoretical investigations of rheological effects of lubricant on stability parameters of various configurations of slot-entry hybrid journal bearing system. FEM has been used to solve Reynolds equation governing flow of lubricant in bearing clearance space along with restrictor flow equation using suitable iterative technique. The non-Newtonian lubricant has been assumed to follow cubic shear stress law. The stability parameters in terms of stiffness coefficients, damping coefficients, threshold speed and whirl frequency of different configurations of slot-entry hybrid journal bearing have been computed and presented for wide range of external load while operating with Newtonian and Non-Newtonian lubricants. The computed results reveal that variation of viscosity due to non-Newtonian behavior of lubricant affects bearing stability quite significantly. The results are presented in graphical form and logical conclusions are drawn to identify best possible configuration from stability point of view.