A mathematical mixture theory model has been proposed to study the lubrication mechanism of bubbly lubricants. The model uses conservation statements for mass and momentum in order to describe the motion of the constituents. These equations are reduced by classical lubrication approximation to a generalized form for the Reynolds equation. Constitutive equations for the partial quantities as well as for the mixture quantities are introduced. The resulting equations produce numbers for new parameters related to lubricant properties. The problem of fully submerged Journal bearing lubrication using oil-air mixture lubricants is analyzed. The model indicates qualitative agreement with empirical data.