In this paper, parametric analysis of various operating and surface texturing parameters on the performance characteristics of water lubricated journal bearing was carried out using Fluid Structure Interaction approach. Initially, a simulation model was validated with experimental results from the literature. An effect of journal speed and eccentricity ratio along with elastic deformation on performance characteristics viz. lubricant pressure, load carrying capacity, and coefficient of friction with different groove location was studied. Further investigation was carried out to examine the influence of the number of grooves on the performance characteristics. From the analysis, it was observed that 0-180° grooved journal bearing with 5 number of grooves has shown improved performance as compared to journal bearing with 0-90° grooved, 90-180° grooved and plain surface.