Polymer composites are the primary materials for water-lubricated bearings owing to their superior wear resistance, low friction coefficient, and resistance to water and corrosion. Their performance directly governs the safety, reliability, and operating costs of the bearing systems. This paper provides a systematic review of the properties of commonly used polymer composites for water-lubricated bearings and recent research progress. It focuses on analyzing the load-carrying capacity, wear resistance, and frictional behavior of different materials, while comparing their relative advantages and limitations. Finally, by addressing the current challenges with existing materials, the review proposes future research directions for high-performance water-lubricated bearing materials and suggests strategies for optimizing their design and engineering applications, aiming to offer valuable insights for further development.